What is Game Theory? Although it may be more descriptive to refer to the discipline as the study of strategic decision-making, Game Theory is really the analysis of situations that involve conflict or cooperation between multiple individuals. Often times, these situations can be modeled by a type of game in which there are winners, losers, stand-offs, and payouts. These models, in turn, can be applied to real-world scenarios to help understand why people behave the way they do and how others can benefit by understanding this behavior.
As a branch of applied mathematics, Game Theory has applications in nearly every aspect of life, most notably in the fields of Economics, Business, Engineering, Biology, and even Politics. However, Game Theory can also be used to understand relationships and interactions between people and groups in almost any setting, whether a married couple is negotiating about who should take out the trash or major world leaders are hammering out a peace treaty.
Learn more about the fascinating topic of Game Theory and how it can be used in a wide range of disciplines. Bright Hub's collection of Game Theory articles aim to cover every aspect of this branch of study that is rapidly growing in popularity - including its history, its future, and everything in between.