Game theory is a known as mathematical process for analyzing
calculated circumstances, such as in games, where a person’s wining based upon
the selections of others. In other words, it is “the study of mathematical process
of cooperation and conflict between intelligent rational decision-makers. The
subject first defined zero-sum games, such that one person’s gets exactly equal
net losses of the other participants.
Game theory has found its requirement in numerous fields kike
Economics, Social Science, Evolutionary Biology and Political Science. Game
theory is now using its applications in computer science. The nature of
computing is modifying because of arrival of internet and the revolution in
information technology.
What is game theory?
Game theory is the formal study of cooperation and conflict.
Game theoretic ideas apply whenever the actions of various agents are
interdependent. These agents can be individuals, firms, groups, or any
combination of these.
Game theory will be regarded as a multi-agent decision
problem. Which seems there are several people contending for limited payoffs/ rewards.
They have to prepare certain moves on which their payoff lies. These people
have to follow certain principle while making these moves. Each player is
supposed to act rationally.
Nash equilibrium: Nash equilibrium, also Known as strategic
equilibrium, is a list of strategies, one for every player, which has the
property that no player will unilaterally modify his strategy and get a best
payoff.
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