game theory

Meanings

• noun

  A theoretical approach to understanding strategic interaction and conflict among rational or irrational agents.

  - "Game theory is used to model situations where the outcome depends on the actions of multiple parties."
  - "In game theory, players make decisions based on their expected utility, taking into account the possible actions and strategies of their opponents."

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Synonyms

theory of games

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Variants

List of all variants of game theory that leads to same result
game theories , game theorist , game theory

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Etymology

origin and the way in which meanings have changed throughout history.

The term 'game theory' originated in the late 18th century with the study of mathematical puzzles and card games. However, it was not until the mid-20th century that it became a formal discipline in economics and other social sciences.

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Trivia

Any details, considerations, events or pieces of information regarding the word

1. Game theory was popularized by the mathematician John von Neumann in the mid-20th century.

2. The term 'game theory' is often used metaphorically to describe situations where there is competition or conflict between parties.

3. Game theory has been used to model situations as diverse as prisoner's dilemma, the evolution of species, and the behavior of financial markets.

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Related Concepts

informations on related concepts or terms closely associated with the word. Discuss semantic fields or domains that the word belongs to

1. utility theory: A branch of mathematics that deals with the measurement and representation of preferences and decisions. Utility theory is closely related to game theory as it provides a framework for modeling the preferences and decisions of rational agents.

2. evolutionary game theory: A branch of game theory that studies the evolution of strategies in populations of agents over time. Evolutionary game theory is used to model situations where the strategies of agents change in response to selective pressures and mutation.

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Culture

Any cultural, historical, or symbolic significance of the word. Explore how the word has been used in literature, art, music, or other forms of expression.

Game theory has been used extensively in various fields, including economics, political science, psychology, and computer science. It has been applied to model situations ranging from simple two-person interactions to complex multi-agent systems. In literature, game theory has been used as a metaphor to explore themes of competition, cooperation, and decision-making.

How to Memorize "game theory"

1. visualize
   

   - To memorize game theory, visualize situations where multiple agents interact and make decisions based on their strategies.
   - Imagine a game board with different agents represented by different colored pieces, and the possible strategies as different moves.

2. associate
   

   - Associate game theory with situations where the outcome depends on the actions of multiple parties.
   - Think of game theory as a tool for modeling and analyzing strategic interactions.

3. mnemonics
   

   - Use the acronym 'GAME' to remember the key concepts of game theory: 'G' for 'Game', 'A' for 'Agents', 'M' for 'Modeling', and 'E' for 'Expected Utility'.

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