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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. 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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| John von Neumann is well known in the realm of Economics for his discoveries in two fundamental fields of Economic Analysis: Theory of Games and Growth. The crucial reference for game theory is the classic book by John von Neumann and Oscar Morgenstern, Theory of Games and Economic Behavior (1944). |
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