Game theory got its start with the work of John von Neumann in the 1920s, which culminated in his book with Oskar Morgenstern. They studied "zero-sum" games where the interests of two players were ...

Game theory also applies to larger economic issues. In a more practical sense, it pertains to fair auctions, says Jennifer Chayes , dean of the School of Computing at UC Berkeley, who’s ...

Game theory, first developed in ... because it turns out that no single strategy is always best, with so many options available. In fact, ... a new book on childrearing is read by a parent.

Game theory is the study of how and why players make decisions. Nash equilibrium helps a player determine the best payoff based not only on their decisions but also on the decisions of other ...

Game theory is a branch of applied mathematics and economics that studies situations where players choose different actions in an attempt to maximize their returns. First developed as a tool for ...

Game theory offers some solutions. ... Game theory is, in essence, the science of strategic thinking—a way of making the best decision possible based on the way you expect other people to act.