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Thoughts on Game Theory in Economics

Game theory is a branch of applies mathematics that is used in the social sciences (mostly economics). Game theory can also be defined as a theory of competition stated in terms of gains and losses among opposing players. Game theory tries to mathematically imprison behavior in strategic situations, in which a person’s success in making choices depends on the choices of others. Traditional application of this theory attempt find equilibrium in these games, in equilibrium. Every player of the game has adopted a strategy that they are unlike (Game theory )
To a psychologist, what is known is game theory to economists is known are the theory of social situations which a very accurate description of what game theory is all about. Game theory is appropriate in parlor games like (poker and bridge Research in game theory focuses mostly on how groups of people interact. Game theory has two main branches. The two main branches of game theory include: Cooperative game theory and non-cooperative game theory. Game theory also has a lot of different types including C…

 

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