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what do you understand by game theory

what do you understand by game theory

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Answer #1

Game theory in simple words is the logical and calculated steps by the players in the game to come up with the best possible outcome to win.

It is interdependent in nature because winning or losing one player also depends on the strategy and the moves of the other

It was first coined by the mathematician John Von Neumann.

The popular example of this theory of prisoner's dilemma in which two prisoners have to choose the best option to come out of the jail and also depend on the decision of each other.

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