Game theory
How algorithms and mathematical models can predict future events
Note: I do not claim any expertise in the field. A neophyte wrote this essay. Having said that, I have been reading about game theory to develop a basic understanding of how it can be practically applied to my own life in such a way as to result in positive improvements. You, too, can benefit from a high-level understanding of its applications.
Game theory, at its most basic level, is the study of math models and strategic interactions between rational agents. In plain English, game theory is the study of behavioral relations.1 Game theory has many practical uses because it can help predict human behavior. It has been around for a while (since the 1930s) and has been undergoing continuous expansion and refinement. The field is continuing to grow.
The best use of game theory is to figure out the optimal solution from the best possible choices through the analysis of costs and benefits to each participant who competes with each other. The theory is applicable in different fields, like in b…
