Game theory

: This article discusses the mathematical modelling of incentive structures. For other games (and their theories) see Game (disambiguation). For the band named Game Theory, please see Game Theory (band).

Related Topics:
Game (disambiguation) - Game Theory (band)

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Game theory is a branch of applied mathematics that uses models to study interactions with formalised incentive structures ("games"). Unlike decision theory, which also studies formalised incentive structures, game theory encompasses decisions that are made in an environment where various players interact strategically. In other words, game theory studies choice of optimal behavior when costs and benefits of each option are not fixed, but depend upon the choices of other individuals.

Related Topics:
Mathematics - Models - Decision theory

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Game theory has applications in a variety of fields, including economics, international relations, evolutionary biology, political science, and military strategy. Game theorists study the predicted and actual behaviour of individuals in games, as well as optimal strategies. Seemingly different situations can have similar incentive structures, thus all exemplifying one particular game.

Related Topics:
Economics - International relations - Evolutionary biology - Political science - Military strategy

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