Question

why data scientists and analytics should know about game theory?

Answer 1

Game theory allows us to understand the best way to solve a problem. It also allows us to understand game theory if there is a need to authorize a strategic situation, we can say that by definition game theory make use of logical understanding which is useful for business applications. Since most business decisions are made with the basic assumption of deriving strategic decisions from a set of raw data. Increase in the Big Data capabilities has further made it clear that in order to make strategic sense from the collected data, game theory knowledge is applicable. However, we can say that it is not expressly required, rather, the knowledge of the concept itself allows us to make decisions based on the same aspect of being able to utilize the data in a practical sense, not just devise theoretical models.