Question

What is game theory and give an example of a real game you played lately.

Answer 1

Game theory is nothing but a branch of economics and mathematics where it is concerned with that of analysis of all the various strategies in play, where the actual payoff for the candidate entirely depends on the strategies of the other candidates moves.

An example of game that I played recently, is the coin game where I had a deal with my friend that we both toss two different coins where if two people get same outcome I would win $100 else I would lose $100 to him. Here my winning depends on the outcome of the other strategy as well where if he get heads, I should also get heads for winning, else not.