Question

game theory a. is used to measure power b. was the approach taken by marx to analyze the international economy c. can be used to study strategic interactions between actors d. all of the above e. only b and c

Answer 1

Game theory can be used to study strategic interactions between actors.

Give a brief account on the Game Theory.

The study of mathematical models of strategic interactions between rational beings is known as game theory. It first focused on two-player zero-sum games, in which each player's gains or losses are precisely balanced by those of the other players. Game theory is a broad word that refers to the study of logical decision-making in humans, animals, and computers in the twenty-first century. It is applicable to a wide range of behavioral relationships.

John von Neumann's proof of the mixed-strategy equilibrium in a two-player zero-sum game marked the beginning of modern game theory. The Brouwer fixed-point theorem on continuous mappings into compact convex sets was employed in Von Neumann's initial demonstration.

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