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Game theory is a tool used to analyze strategic behavior by taking into account how participants expect others to behave. Game theory is used to find the optimal outcome from a set of choices by analyzing the costs and benefits to each independent party as they compete with each other.
Many companies are turning to game theory to help make strategic decisions. GT is the use of advanced mathematical models to analyze different game scenarios (read: strategic decisions) available to different parties (e.g.
competitors, suppliers, regulators) in order to predict potential outcomes. GT is not new. Fortunately, you don't need a Ph.D in economics to apply basic game theory in everyday life.
Below are five different ways to use game theory in every day life to earn or save more money. Game theory examples in real life procrastination issues in the philippines dilution calculator world history patterns of interaction workbook answer key pdf culture paper example.
Hinduism for . Ignoring these interactions could lead to unexpected and potentially very undesirable outcomes. Our goal in this project is to utilize game theory for studying these interactions.
Next we shall be analysing some of the real life examples of Business and Game Theory.