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game theory |
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game theoryBranch of applied mathematics devised to analyze certain situations in which there is an interplay between parties that may have similar, opposed, or mixed interests. Game theory was originally developed by John von Neumann and Oscar Morgenstern in their book The Theory of Games and Economic Behavior (1944). In a typical game, or competition with fixed rules, “players” try to outsmart one another by anticipating the others' decisions, or moves. A solution to a game prescribes the optimal strategy or strategies for each player and predicts the average, or expected, outcome. Until a highly contrived counterexample was devised in 1967, it was thought that every contest had at least one solution. See also decision theory; prisoner's dilemma. game theory [′gām ‚thē·ə·rē] (mathematics) The mathematical study of games or abstract models of conflict situations from the viewpoint of determining an optimal policy or strategy. Also known as theory of games. How to thank TFD for its existence? Tell a friend about us, add a link to this page, add the site to iGoogle, or visit webmaster's page for free fun content. |
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| The last are likely to get much more than they bargained for, even if they are the sort of economists who acknowledge the remoteness of formal games theory models from practical reality and try adding additional parameters in an attempt to move closer. But the 'new' scientific view of the world depends on other theories, quantum theory certainly, and games theory. |
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