What is game theory?
Q: What is game theory?
A: Game theory is the study of how and why people make decisions, specifically the study of mathematical models of conflict and cooperation between intelligent rational decision-makers.
Q: How does game theory help people understand science and politics?
A: Game theory can be applied to understand various processes and behaviors in science and politics, as it provides a framework to analyze decision-making by individuals or organizations.
Q: What is an alternative term for game theory?
A: Interactive decision theory is an alternative term suggested for game theory as a more descriptive name for the discipline.
Q: In what context were the strategic decisions of the United States and the Soviet Union viewed as an exercise in game theory?
A: During the Cold War period, the strategic decisions of the United States and the Soviet Union were sometimes viewed as an exercise in game theory, with the players being studied being the US and the Soviet Union.
Q: Is game theory only about games?
A: No, game theory is not just about games. It can be applied to understand how and why businesses make decisions, and just about any decision based on valuing likely outcomes.
Q: Why are all situations in game theory called "games"?
A: In game theory, all situations are considered "games" because the people involved make choices based on how they value the possible outcomes of those choices.
Q: Where can game theory be found?
A: Game theory can be found in financial choices people make, and is also found in the study of economics.
