Game theory (nonfiction): Difference between revisions

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Revision as of 10:32, 17 December 2017

A payoff matrix of the standard dilemma of cooperation and defection

Game theory is "the study of mathematical models of conflict and cooperation between intelligent rational decision-makers."

Game theory is mainly used in economics, political science, and psychology, as well as logic, computer science, biology, and poker.

Originally, it addressed zero-sum games, in which one person's gains result in losses for the other participants. Today, game theory applies to a wide range of behavioral relations, and is now an umbrella term for the science of logical decision making in humans, animals, and computers.

Modern game theory began with the idea regarding the existence of mixed-strategy equilibria in two-person zero-sum games and its proof by John von Neumann.

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