33 Facts About Game theory


Game theory is the study of mathematical models of strategic interactions among rational agents.

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Game theory's paper was followed by the 1944 book Theory of Games and Economic Behavior, co-written with Oskar Morgenstern, which considered cooperative games of several players.

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The second edition of this book provided an axiomatic Game theory of expected utility, which allowed mathematical statisticians and economists to treat decision-making under uncertainty.

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Game theory was developed extensively in the 1950s by many scholars.

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Game theory has been widely recognized as an important tool in many fields.

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Game theory was an active Jacobite and uncle to James Waldegrave, a British diplomat.

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Game theory did not exist as a unique field until John von Neumann published the paper On the Theory of Games of Strategy in 1928.

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Game theory's paper was followed by his 1944 book Theory of Games and Economic Behavior co-authored with Oskar Morgenstern.

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Game theory experienced a flurry of activity in the 1950s, during which the concepts of the core, the extensive form game, fictitious play, repeated games, and the Shapley value were developed.

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Cooperative game theory provides a high-level approach as it describes only the structure, strategies, and payoffs of coalitions, whereas non-cooperative game theory looks at how bargaining procedures will affect the distribution of payoffs within each coalition.

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In such cases, cooperative game theory provides a simplified approach that allows analysis of the game at large without having to make any assumption about bargaining powers.

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Much of game theory is concerned with finite, discrete games that have a finite number of players, moves, events, outcomes, etc.

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Stochastic outcomes can be modeled in terms of game theory by adding a randomly acting player who makes "chance moves".

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Pooling game theory emerges to formally recognize the interaction between optimal choice in one play and the emergence of forthcoming payoff table update path, identify the invariance existence and robustness, and predict variance over time.

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The Game theory is based upon topological transformation classification of payoff table update over time to predict variance and invariance, and is within the jurisdiction of the computational law of reachable optimality for ordered system.

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In economics and philosophy, scholars have applied game theory to help in the understanding of good or proper behavior.

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Primary use of game theory is to describe and model how human populations behave.

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Game theory theorists respond by comparing their assumptions to those used in physics.

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Evolutionary game theory includes both biological as well as cultural evolution and models of individual learning.

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Game theory is a major method used in mathematical economics and business for modeling competing behaviors of interacting agents.

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Prototypical paper on game theory in economics begins by presenting a game that is an abstraction of a particular economic situation.

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In project management, game theory is used to model the decision-making process of players, such as investors, project managers, contractors, sub-contractors, governments and customers.

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Early examples of game theory applied to political science are provided by Anthony Downs.

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Game theory was applied in 1962 to the Cuban Missile Crisis during the presidency of John F Kennedy.

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Game theory could help predict a nation's responses when there is a new rule or law to be applied to that nation.

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In biology, game theory has been used as a model to understand many different phenomena.

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Evolutionary game theory has been used to explain many seemingly incongruous phenomena in nature.

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Evolutionary game theory explains this altruism with the idea of kin selection.

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Game theory has come to play an increasingly important role in logic and in computer science.

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Also, game theory provides a theoretical basis to the field of multi-agent systems.

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Separately, game theory has played a role in online algorithms; in particular, the k-server problem, which has in the past been referred to as games with moving costs and request-answer games.

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Game theory has challenged philosophers to think in terms of interactive epistemology: what it means for a collective to have common beliefs or knowledge, and what are the consequences of this knowledge for the social outcomes resulting from the interactions of agents.

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Game theory applications are often used in the pricing strategies of retail and consumer markets, particularly for the sale of inelastic goods.

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