Browse Definitions :
Definition

game theory

Game theory is the study of mathematical models of negotiation, conflict and cooperation between individuals, organizations and governments. The study has direct applications in contract theory, economics, sociology and psychology.

Game theory is applied in various areas of study to understand why an individual makes a particular decision and how the decisions made by one individual affect others. The application of game theory concepts and techniques to non-game activities is known as gamification.

Game theory research involves studies of the interactions among people or groups of people. Because people make use of an ever-increasing number and variety of technologies to achieve desired ends, game theory can be directly applied in areas of negotiation, such as contract theory and indirectly applied in practical pursuits such as engineering, information technology and computer science.

So-called games can range from simple personal or small group encounters or problems to major confrontations between corporations or superpowers. One of the principal aims of game theory is to determine the optimum strategy for dealing with a given situation or confrontation. This can involve such goals as maximizing one's gains, maximizing the probability that a specific goal can be reached, minimizing one's risks or losses, or inflicting the greatest possible damage on adversaries.

Game theory was first devised by John Von Neumann. Later contributions were made by John Nash, A. W. Tucker, and others.

This was last updated in May 2016

Continue Reading About game theory

Start the conversation

Send me notifications when other members comment.

Please create a username to comment.

-ADS BY GOOGLE

File Extensions and File Formats

Powered by:

SearchCompliance

  • smart contract

    A smart contract, also known as a cryptocontract, is a computer program that directly controls the transfer of digital currencies...

  • risk map (risk heat map)

    A risk map, also known as a risk heat map, is a data visualization tool for communicating specific risks an organization faces. A...

  • internal audit (IA)

    An internal audit (IA) is an organizational initiative to monitor and analyze its own business operations in order to determine ...

SearchSecurity

SearchHealthIT

  • Health IT (health information technology)

    Health IT (health information technology) is the area of IT involving the design, development, creation, use and maintenance of ...

  • fee-for-service (FFS)

    Fee-for-service (FFS) is a payment model in which doctors, hospitals, and medical practices charge separately for each service ...

  • biomedical informatics

    Biomedical informatics is the branch of health informatics that uses data to help clinicians, researchers and scientists improve ...

SearchDisasterRecovery

  • risk mitigation

    Risk mitigation is a strategy to prepare for and lessen the effects of threats faced by a data center.

  • ransomware recovery

    Ransomware recovery is the process of resuming options following a cyberattack that demands payment in exchange for unlocking ...

  • natural disaster recovery

    Natural disaster recovery is the process of recovering data and resuming business operations following a natural disaster.

SearchStorage

  • RAID 5

    RAID 5 is a redundant array of independent disks configuration that uses disk striping with parity.

  • non-volatile storage (NVS)

    Non-volatile storage (NVS) is a broad collection of technologies and devices that do not require a continuous power supply to ...

  • petabyte

    A petabyte is a measure of memory or data storage capacity that is equal to 2 to the 50th power of bytes.

Close