How Decision Making is Actually Science: Game Theory Explained

Game theory is a branch of mathematics and economics that studies strategic decision-making among rational actors. It analyzes interactions where the outcome of one participant’s decision depends on the decisions of others. By modeling these scenarios as “games,” it seeks to understand optimal strategies and outcomes. Game theory has applications in various fields, from economics and politics to biology and computer science, providing insights into competitive behavior and cooperation. Its concepts, including Nash equilibrium and the prisoner’s dilemma, have had profound impacts on understanding human behavior in strategic situations.


Fascinating stuff! I’ve heard about Nash equilibrium, but it’s cool to see how game theory applies to such diverse fields. Any specific real-world applications of game theory that you find interesting or surprising?


It’s a fairly new topic for me as I just started learning about it this semester. But today, we had a lecture on how the game of rock, paper and scissors can form the paradigm to understand the mating behavior of lizards…
I believe the following paper will give a better idea…
A genetic approach to the rock-paper-scissors game - PubMed.

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