Game theory is the study of strategic interactions among economic agents. Game theory is extremely useful because it allows us to anticipate the behavior of economic agents within a …

Here we shall briefly discuss how the game theory can be used to study the economic behaviour in oligopolistic markets. The Payoff Matrix of a Game: Strategic interaction may involve many …

We shall use two applications to examine the basic concepts of game theory. The first examines a classic game theory problem called the prisoners’ dilemma. The second deals with strategic …

Explore how game theory in economics helps individuals, businesses, and governments make smarter decisions in competitive and cooperative scenarios.

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In the context of microeconomics, game theory is used to analyze strategic interactions between firms in an oligopolistic market, where the decisions of one firm directly impact the profits and …

Jul 18, 2025 · Game theory examines how individuals and entities, referred to as players, strategize and make decisions in competitive environments. As a theoretical framework, it …

Apr 16, 2025 · In modern microeconomics, game theory is used to explain a wide variety of phenomena. It helps clarify how firms set prices in competitive markets, how workers negotiate …

Game Theory is about strategic interactions. It is formal since it uses mathematical models and strategic, since what each player obtains also depends on what other players do. In particular, …

Read the article ‘Game Theory in Economics and Beyond’ to learn about how game theory is used in other disciplines, including political science, biology, philosophy, and computer science.