Question

When modeling economic situations using game theory, the economic participants are generally referred to as:?

Answer 1

Answer:

Players

Explanation:

Game theory is a way of thinking in which social situations are seen as a game among competing players. The analysis focuses on strategy and optimal decision-making. In this type of thinking, economic participants are generally referred to as players. Game theory originated thanks to the work of John von Neumann, John Nash and Oskar Morgenstern.

Answer 2

In game theory, economic participants are referred to as "players". Game theory consists in the use of mathematical models in order to predict the behaviour of rational decision-makers in cooperative and competitive environments.