Game theory is a mathematical framework used to analyze strategic interactions among rational decision-makers. The core concept revolves around understanding how individuals or groups make decisions in competitive situations where the outcome depends on the actions of others. It involves various elements, including players, strategies, payoffs, and information. Players seek to maximize their payoffs while anticipating the decisions of others. This theory applies to diverse fields, such as economics, political science, and psychology, providing insights into cooperation, conflict, and competition. For more in-depth understanding and practical applications, consider seeking Game Theory assignment help from BookMyEssay for expert guidance.
