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# Game theory matrix

In game theory: Classification of games is represented by a payoff matrix, wherein each row describes the strategy of one player and each column describes the strategy of the other player. The matrix entry at the intersection of each row and column gives the outcome of each player choosing the corresponding strategy. The payoffs to eac Game Theory Matrix is a table in which strategies of one player are listed in rows and those of the other player in columns. The cells show payoffs to each player. Game theory diagram below is an example of this economic theory in practice Matrices The most basic tool of game theory is the payoff matrix. Typically, matrices are used to describe 2-player, simultaneous games Game theory. Matrix game solution by linear programming method. Complete, detailed, step-by-step description of solutions. Hungarian method, dual simplex, matrix games, potential method, traveling salesman problem, dynamic programmin

How to read a payoff matrix : Game Theory. 1. There are 2 firms A and B and they want to decide whether to Start a new campaign. 2. each firm will be affected by its competitor's decision. 3. The above table shows the payoff to both firms. This table is called payoff matrix Game Theory Solver 2x2 Matrix Games Mixed strategies are expressed in decimal approximations. This solver is for entertainment purposes, always double check the answer Game Theory Through Examples, Erich Prisner Geometry From Africa: MathematicalandEducational Explorations,Paulus Gerdes Historical Modules for the Teaching and Learning of Mathematics (CD), edited by Victor Katz and Karen Dee Michalowicz IdentiﬁcationNumbers and Check Digit Schemes, Joseph Kirtlan If you want to solve a matrix game, you've surfed to the right web page. Here you are able to enter an arbitrary matrix. It will be considered as a matrix of a matrix game where Player I chooses a row and simultaneously Player II chooses a column. The matrix entry of the jointly selected row and column represents as usual the winnings of the.

### Matrix game game theory Britannic

• ant strategy. A DOMINANT strategy occurs when ther
• A matrix game, which is short for finite two-person zero-sum game, allows a game to be represented in matrix form as its name implies. This is a direct consequence of the fact that two opponents with exactly opposite interests play a game under a finite number of strategies, independently of his or her opponent's action
• This theory constitutes a key part of the background context for appreciating the value of a major recent extension to game theory, Wynn Stirling's (2012) theory of conditional games. Consider again the one-shot Prisoner's Dilemma as discussed in Section 2.4 and produced, with an inverted matrix for ease of subsequent discussion, as follows

### Game Theory Matrix - taskoconsulting

However, over time it was proven that the Matrix Game could be solved using Linear Programming along with the Duality Theorem.  This solution to the Matrix game has been proven in the Theory and Algorithmic Discussion section below. Theory and Algorithmic Discussion. Consider a simple two-player zero-sum matrix game called Evens and Odds The bi-matrix of the game is given by R P S R 0 0 1 1 1 1 P 1 1 0 0 1 1 S 1 1 1 1 0 0 Example 1.3 In traditional game theory which was applied primarily to economics the players are thought of being rational beings who act in such a way as to maximize their payo s. In the 1970's the biologist John Maynard' The video covers basic game theory techniques how to read... This video summarizes how we can look at a payoff matrix for a game such as the Prisoner's Dilemma. The video covers basic game theory. In game theory, a payoff matrix is a table in which strategies of one player are listed in rows and those of the other player in columns and the cells show payoffs to each player such that the payoff of the row player is listed first These matrix games are examples of what are called zero-sum games in game theory: if you add the winnings (with loses counting as negative winnings) of all the players the net result is zero! Indeed, for our games, in every round the amount one player wins is exactly the amount the other player loses A matrix game, such as the prisoner's dilemma game, is a two-player game such that: 1. Player A has a finite strategy set SA with m elements; that is, SA = { sA1, sA2, , sAm }. In the prisoner's dilemma game, SA = { sA1 = confess, sA2 = withhold} Game theory thus has long been around and it is commonly used in economics and political science. Yet, in evaluation literature few applications are reported to date. This paper explores if game theory would be a useful part of the analytical toolbox in this regard. This issue is addresse

Game theory, the study of strategic decision-making, brings together disparate disciplines such as mathematics, psychology, and philosophy. Game theory was invented by John von Neumann and Oskar. Game theory is an analytical approach through which strategic choices can be assessed. Among the strategic choices available to an oligopoly firm are pricing choices, marketing strategies, and product-development efforts. An airline's decision to raise or lower its fares—or to leave them unchanged—is a strategic choice The theory of matrix games is divided into zero-sum and non-zero-sum games. Two-person non-zero-sum matrix games are usually referred to as bimatrix games, cf. Bimatrix game. References [a1] S. Karlin, Matrix games, programming and mathematical economics , 1-2, Addison-Wesley (1959 The final solution or potential equilibrium of a game depends on actions and reactions of the players--reactions that may change if the game is repeated rather than played only once. The basic tool of game theory is the payoff matrix

### The Basics of Game Theory

Interpretation of above table or game matrix If Co. adopts C1 and Union adopts U1, the final contract involves a P2.0 increase in wages (hence, a -P2.0 loss to the company). From the above table, it is clear that if the Company decides to adopt C3, Union will adopt U1. If the Union decides to adopt U3, the company will adopt C2. 11 ADVERTISEMENTS: 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 players and many strategies, but here we shall consider only two-person games with a finite number of strategies. This will enable us to [

### Online Calculator: Game Theor

In game theory, normal form is a description of a game.Unlike extensive form, normal-form representations are not graphical per se, but rather represent the game by way of a matrix.While this approach can be of greater use in identifying strictly dominated strategies and Nash equilibria, some information is lost as compared to extensive-form representations Evolutionary Game Theory. Evolutionary game theory originated as an application of the mathematical theory of games to biological contexts, arising from the realization that frequency dependent fitness introduces a strategic aspect to evolution. Recently, however, evolutionary game theory has become of increased interest to economists. Game theory is the process of modeling the strategic interaction between two or more players in a situation containing set rules and outcomes. While used in a number of disciplines, game theory is. ### Economics: How to read a payoff matrix : Game Theor

1. Game Theory, Ch1.2. 1. Game Theory. Chapter 1. Matrix Two ‐ Person Games. Instructor: Chih‐Wen Chang. Wenson Chang @ NCK
2. The Game Theory Solver: Solve Any 2×2 Matrix Game Automatically. As ever, you can view more videos on math and game theory on my YouTube channel. The Prisoner's Dilemma. We'll start out with the most famous problem in game theory. Although this game is logically counter-intuitive, it is mathematically one of the easiest examples to solve
3. Game Theory and the Marriage Matrix. We are living in interesting times. All about us are stormy waters; the situation change on a daily basis, seldom for the better. Plotting a course to our hopes and dreams grows ever more difficult, as the incentives which make up the social fabric of society shift, and defection is prioritized over.
4. Step 3: Create The Scenarios Matrix. Most people who explain game theory (college professors, etc.) skip this step and jump straight to figuring out the payoff matrix. I've found that to be a mistake because often the most challenging part of game theory is simply creating an accurate payoff matrix
5. ADVERTISEMENTS: 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 players and many strategies, but here we shall consider only two-person games with a finite number of strategies. This will enable us to [

I am trying to understand how to compute all Nash equilibria in a 2 player game, but I fail when there are more than 2 possible options to play. Could somebody explain to me how to calculate a matrix like this (without computer) \begin{matrix} 1,1 & 10,0 & -10,1 \\ 0,10 & 1,1 & 10,1 \\ 1,-10 & 1,10 & 1,1 \end{matrix Game Theory: Normal Form Games Michael Levet June 23, 2016 1 Introduction Game Theory is a mathematical eld that studies how rational agents make decisions in both competitive and cooperative situations. It has widespread applications in economics, political science, psychology, biology, computer science, and data science 8.5 Game Theory and the Minimax Theorem 433 GAME THEORY AND THE MINIMAX THEOREM • 8.5 The best way to explain a matrix game is to give an example. It has two players, and the rules are the same for every turn: Player X holds up either one hand or two, and independently, so does player Y. If they make the same decision, Y wins $10. If they. ### Game Theory 2x2 Game Solver - Mind Your Decision This post is going to go over how to create a payoff matrix, associated with the game theory side of economics. The question associated with this is: Write out a pay off matrix when two players are offered$100 bills. If one bids $2 and the other bids$1 they pay $3, and the higher bidder gets the money leaving him with net gain of$98 while the other with a net loss of $1 game theory. 1.2 Game Theory - Where is it applied? As we have seen in the previous section, game theory is a branch of mathemat-ics. Mathematics provide a common lan-guage to describe these games. We have also seen that game theory was already applied to economics by von Neumann. When there is competition for a resource to be analysed, game. ### Matrix Game Solver - UCLA Mathematic The Payoff Matrix: Game theory is the main way economists understands the behavior of firms within this market structure. Games consist of 2 players (in a duopoly which is all there is in Advanced Placement Microeconomics) each with two strategies. This creates a pay off matrix with 4 possible outcomes Game Theory. Game theory is the study of how people behave in strategic situations. With the oligopoly market structure, we use a matrix to apply this concept. Provided below is a game theory matrix for the soft drink industry. Coca-Cola and Pepsi are oligopolistic firms that collude to dominate the soft drink market Extensive Form Games. In the introduction to game theory and Nash Equilibrium, only normal form (matrix form) games were discussed. Now extensive form games will be discussed. Extensive form games contain the following: A game tree A list of players The names of players moving at each node A set of allowable actions at each nod Table 1.2.1. A game matrix showing the strategies for each player Definition 1.2.2.. A payoff is the amount a player receives for given outcome of the game.. Now we can fill in the matrix with each player's payoff. Since the payoffs to each player are different, we will use ordered pairs where the first number is Player 1's payoff and the second number is Player 2's payoff ### Examples of Game Theory in economics - Economics Hel 1. Game Theory = A framework to study strategic interactions between players, firms, or nations. A game is defined as: Game = A situation in which firms make strategic decisions that take into account each others' actions and responses. A game can be represented as a payoff matrix, which shows the payoffs for each possibility of the game, as. 2. game theory payoff matrix calculator. game theory payoff matrix calculator, what is a payoff matrix in game theory. Calculate the Jacobian matrix at each of the equilibrium points. equilibrium point in game theory is a set of strategies such that the th payoff function is larger or Introduction -- BehavioralStrategies and Games. Why call it game theory?Inthe previous section, (comparingoptimality and game theory), we learned that competition was an importantfeature of game theory ().Thus, the analogybetween human behavior and game theory is of competitors (players) seekingto win something through some sort of competition (contest or the game itself).Note that in game. Oligopoly and game theory. Oligopolies, duopolies, collusion, and cartels. Prisoners' dilemma and Nash equilibrium. More on Nash equilibrium. Why parties to cartels cheat. Game theory of cheating firms. Game theory worked example from AP Microeconomics. This is the currently selected item. Practice: Oligopoly and game theory: foundational concepts 1. Row designations for each matrix are the courses of action available to A. 2. Column designations for each matrix are the courses of action available to B. 3. With a two person zero sum game, the cell entries in Bs payoff matrix will be the negative of the corresponding entries in As pay off matrix and the matrices will appear as follows The prisoner's dilemma is a standard example of a game analyzed in game theory that shows why two completely rational individuals might not cooperate, even if it appears that it is in their best interests to do so. It was originally framed by Merrill Flood and Melvin Dresher while working at RAND in 1950. Albert W. Tucker formalized the game with prison sentence rewards and named it prisoner. Nau: Game Theory 6 0,-4 -3,-3 -1, -1 -4, 0 Some game-theoretic answers Suppose the only consequences are the ones in the payoff matrix No other kinds of interactions between the two agents No trouble from the network operator Suppose each user cares only about maximizing his/her own payoff No guilt feelings, don't care about the other agent's utilit Game Theory is a technique used to understand how and why people make rational decisions. Although often considered applicable to economics, it has also been used in biology to understand evolution, and more recently applied to business and decision-making by customers and others Nau: Game Theory 6 Minimax Regret Finally, agent i can choose his/her action to minimize this worst-case regret An agent's minimax regret action is an action giving the smallest maximum regret, i.e., Minimax regret can be extended to a solution concept in the natural way Identify action profiles that consist of minimax regret actions for eac Roger Myerson ( Game Theory: Analysis of Conflict) defines it as the study of mathematical models of conflict and cooperation between intelligent rational decision-makers.. Conventionally, game theory takes a game situation, boils it down into a matrix of possible decisions and payouts for each player, and thus determines the overall. Payoff Matrix; Definition Example Equilibrium in Dominant Strategies. Home Economics Game Theory Dominant Strategy Dominant Strategy. In game theory, a dominant strategy is the course of action that results in the highest payoff for a player regardless of what the other player does Game Theory can be incredibly helpful for decision making in competitive scenarios; Understand the concept of Normal Form Games in the context of Game Theory; We'll also cover the applications of Game Theory with real-world examples . Introduction. Let's start this article on Game Theory with an example of a game (I love the symbolism!) 3. Matrix Games: Pure Strategies In the following two sections we shall focus on a very simple class of games called matrix games. A game is called a matrix game, if - there are only two players (1 and 2), - there are only a finite number of strategies available to the two players, i.e. both S1 and S2 are finite sets, an ### Matrix game (LP for game theory) - optimizatio 11.3 Game Theory and Linear Programming Scenario: No saddle point (not strictly determined) - no pure strategy More than 2 choices for a player and matrix cannot be reduced by dominance (cannot use yesterday's formulas) Solving a Zero Sum Game 1. Set up the payoff matrix. 2. Remove any dominated rows or columns. (Section 11.1, Day 1) 3 Game Theory. Game theory is the study of strategy from the perspective of mathematics. Recently, experimental economists have been studying the ability of human players to optimally play these games. These choices can be organized as a matrix game. The payoffs are shown in (xx, yy), where the first number is the payoff to Player 1 and the. game is defined by a pair of real matrices A = (a~j), B = (bij) where aij is the payoff to player I and b~j is the payoff to player II. The game is called zero sum if aij + b~j = O. Thus in zero-sum games, what one player gains, the opponent loses. In such games A suffices to determine the payoff ### Game Theory (Stanford Encyclopedia of Philosophy • Tit for tat is a game-theory strategy subject to a payoff matrix like that of a prisoner's dilemma. Tit for tat was introduced by Anatol Rapoport, who developed a strategy in which each. • AQA, Edexcel, OCR, IB, Eduqas, WJEC. Game theory is concerned with predicting the outcome of games of strategy in which the participants (for example two or more businesses competing in a market) have incomplete information about the others' intentions. Game theory - 2018 revision update: Game theory - 2018 revision update. Economics. Study Notes • Game Theory 101. Ready to learn game theory? You are in the right place. The list below grants you full access to all of the Game Theory 101 lectures. Click on a topic to get started. (And consider purchasing the companion textbook for$4.99. It closely follows the first four units of this course. I receive a commission from Amazon for each.
• ADVERTISEMENTS: Game theory was introduced by a mathematician, John Von Neumann and an economist, Oskar Morgenstern, in 1950s. This theory aims at providing a systematic approach to business decision making of organizations. It is applied to evaluate the situations where individuals and organizations have contradictory objectives. For example, while settling a war between two nations, [

### Matrix game (LP for game theory) - Cornell University

• ance argument; A two person zero-sum game The starting point in the mathematical theory of games is that the outcome of a game is deter
• Game theory. 1. In business and economics literature, the term 'game' refers to a situation of conflict and competition in which two or more competitor (or participant) are involved in the decision making process in anticipation of certain outcome over a period of time. DEFINITION : HISTORY: • Game theory came in to existence in 20th Century
• The decision of whether to buy supplies in a socially responsible manner, or to hoard them, is related to game theory. This approach is based around the understanding that our pay-off in some.
• Details: Game theory, and more importantly, matrix game theory, have had a profound impact on the way mathematicians model certain scenarios and events. The advent of this problem solving method has revolutionized the way many different situation can be analyzed in many different areas including economics, biology and computer science
• Game Theory approaches are gradually gaining momentum because of their generalizability in real-world use cases. The best example would be the work undertaken by Milind Tambe who is the director of AI for Social Good. Using the concepts of Game Theory, Milind Tambe handles real-world issues like: Public Safety; Wildlife Conservatio
• Symmetric games include forms of common games such as the prisoner's dilemma, game of chicken, and battle of the sexes. Description A game is symmetric if one player's payoffs can be expressed as a transpose of the other player's payoffs. If the transpose of the other player's matrix is ordinally equivalent, then the game is ordinally symmetric The matrix observations will have limitations, which will be noted, and will be further analyzed with the help of another matrix. This report will explain how by using dominance matrix in the game theory, we could enhance the analysis and hence predict with higher accuracy. Outline of the Problem Consider a two player matrix game with payoff matrix : $$\begin{pmatrix}0 & 2 & -1\\ -2 & 0 & 1\ \\ 1 & -1 & 0\end{pmatrix}$$ I need to show that the game has no saddle point solution and find an optimal mixed strategy. If simultaneously have a row minimum and a column maximum this is an example of a saddle point solution Game Theory . III. Strategic moves in Matrix Games . Recall again the Prisoner's Dilemma from Lecture 1, but let us name P1 Jason and P2 Peter. Jason and Peter have been arrested for a crime and both are now sitting in holding cells awaiting questioning. Recall that the NE for this game is (Confess, Confess), but what would be best for both.

### Game Theory: Payoff Matrix, Best Response, Dominant

game-theory-on-matrix. Final project for Stochastic Simulation Method and Application. This project is known as. 6 G. Game Theory B 1 23 1 0-1 5 27510 A 3 15-4 -5 45010 5-5-10 10 Which of the five plays should you select? Solution The table is a payoff matrix in disguise where 1 is the vector consisting of all ones. Finally, we have transformed the game theory problem into an LP problem in standard form, that we know how to solve with the simplex method. Theorem. Consider a game with payoff matrix A, where each entry of A is positive. The column player's optimal strategy q is x x 1+···+x n, where x ≥ Two Person Games (Setting up the Pay-o Matrix) Mathematical Game theory was developed as a model of situations of con ict. Such situations and interactions will be called games and they have participants who are called players. We will focus on games with exactly two players. These two players compete for a payo that one player pays to the other Keywords: st0088, Game theory, Nash equilibrium, payoﬀ matrix, zero-sum game, game tree 1 Introduction Game theory can be deﬁned as the study of mathematical models of conﬂict and coop-eration between intelligent and rational decision makers, also called players (Myerson 1991)

### Payoff Matrix Definition Presentation Exampl

$\begingroup$ Ahhhh okay I see what you mean, I meant a 4 by 3 matrix not a 3 by 4 matrix. I've edited my answer thanks. I wasn't aware that game theory style matrices followed the same convention. $\endgroup$ - Henry M Mar 25 at 19:1 •A matrix algebra tool, game theory utility, and other resources 16314_04_ch3_p173-208.qxd 7/17/06 4:24 PM Page 173. Introduction We used matrices in Chapter 2 simply to organize our work. It is time we examined them as interesting objects in their own right. There is much that we can do with matrice Game Theory The essential feature is that it provides a formal modelling approach to social situations in which decision makers interact with other agents. Game theory is a branch of applied mathematics that is often used in the context of economics

Game Theory in Movies - The Princess Bride . Link to Video: In this setup of the game, the payoff matrix is as follows where A is Wesley and B is Vizzini: Vizzini's Situation - If Poison is in A's Cup: Player A. A's Cup: B's Cup: Player B. A's Cup: n/a (1,-1 This game has no saddle point. So the value of the game lies between -2 and +3. It is possible that the value of game may be negative or zero. Thus, a constant k is added to all the elements of pay-off matrix. Let k = 3, then the given pay-off matrix becomes We can write the outcome of the game in a matrix: Player 2 Swerve Straight Player 1 Swerve Tie, Tie Lose, Win Straight Win, Lose Crash, Crash We can assign numbers to diﬀerent outcomes: Player 2 Swerve Straight Player 1 Swerve 0 , 0 -1 , +1 Straight +1 , -1 -10 , -10 Jacek Rothert Cold War and Game Theory

Game theory is the study of how people play games. A game consists of the players, their information and available actions, and payoffs. In a matrix payoff game, all actions are chosen simultaneously. The row player chooses a row in a matrix; the column player simultaneously chooses a column We will first consider the case when a matrix game is a 2x2 matrix game. In mixed strategies, each play picks a probability profile P1 =(p 1,p 2)=p and P2=(q 1,q 2)=q. Such that p 1,p 2, q 1,q 2 are all nonnegative and p 1 +p 2 =1 and q 1 +q 2 =1 ### Matrix Games - UNA

• es the optimal solution in a non-cooperative game in which each player lacks any incentive to change his/her initial strategy
• Game theory problems can be set up in different forms: mathematical equations, decision trees or matrices (tables). Equations are needed for more complex problems but the basic ideas can be conveyed using trees or tables. Analysis of a game matrix: best response
• ant strategy
• Mike Shor's lecture notes for a course in Game Theory taught at the University of Connecticut. Econ 3208 Game Theory. Home; Materials; Lectures; Games; Self Test. Finding Nash Equilibria. Question 1. Player 2 X Y; Player 1 A: 10, 10: 15, 5: B: 5, 15: 12, 12: What is the equilibrium of the above game?.

### Matrix Game - an overview ScienceDirect Topic

Game Theory Problem Set Economics 200 ECON 200 Professor Vincent Here are some practice problems for the game theory and information lectures. 1. A and B are playing a game where A can play either Top or Bottom and B can play either Left or Right. They will choose their strategies simultaneously. The payoff matrix in this game is B Left Righ If all the elements of a row (say i th row) are less than or equal to the corresponding elements of any other row (say j th row), then the i th row is dominated by the j th row and can be deleted from the matrix. Dominance Example: Game Theory. Use the principle of dominance to solve this problem. Solution Game theory is the mathematical study of strategic interactions, in which an individual's success depends on his/her own choice as well as the choices of others This is the payo matrix for player R Zero-sum: Player C receives the negative 5. Payo matrices Another example: m = 2, n = 3 1 2 2. Game theory develops a framework for analysing decisions making in such situation where inter-dependence of firm is considered 3. At least in two person zero games, game theory outlines a scientific quantitative techniques that can be used by players to arrive at an optimal strategy Limitation of Game Theory 1 Finds mixed strategy equilibria and simulates play for up to 5x5 games. Finds all equilibria, expected payoffs, and connected components of bimatrix games. Finds all pure strategy equilibria for sequential games of perfect information with up to four players. Finds the evolutionarily-stable strategies for a 2x2 game

An illustrated tutorial on how game theory applies to pricing decisions by firms in an oligopoly, how a firm can use a dominant strategy to produce its best results regardless of what the other firms do, and how, over time, a Nash equilibrium is reached, were each firm in the oligopoly chooses the best decision based on what the others have decided The answer of why the game theory can be used in international politics analyses is that in. international relations, game theoretical analysis stems from the need to explain the issues that. are. Game theory is the study of strategic decision making. This is how many corporations make decisions while keeping in mind the actions that their competitors will take. Game theory was devised by John Van Neumann and Osker Morgenstern in 1944 and was considered a breakthrough in the study of oligopoly markets

Games: Theory and Applications Lecture 03 - Zero-Sum Matrix Games Luis Rodolfo Garcia Carrillo School of Engineering and Computing Sciences Texas A&M University - Corpus Christi, USA September 18, 2018 L.R. Garcia Carrillo TAMU-CC COSC-6590/GSCS-6390 Games: Theory and Applications Lecture 03 - Zero-Sum Matrix Games In larger games, it may prove helpful to mark best responses with asterisks (*) in the payoff matrix. Best responses allow for indifference. For example, if the best payoff a player can earn in response to a particular opposing strategy is 0, then all instances of 0 receive the asterisk GAME THEORY Lesson 26 Hello students, In previous lecture you learned to solve the zero-sum games having saddle point. Determine the optimal strategies for the players and value of the game from the following payoff matrix. Player B Player A B1 B2 A1 4 -4 A2-4 4 Solution: The given problem does not have a saddle point. Therefore, the method. 3. Game theory suggests that when we act in our own immediate best interest, this leads to the best of all possible outcomes. True False 4. Game theory replaces the standard supply and demand model used by economists. True False 5. The prisoner's dilemma is a theoretical tool with little in the way of practical applications. True False 6   Game theory II: Dominant strategies. In this game, as depicted in the adjacent game matrix, Kenney has no dominant strategy (the sum of the payoffs of the first strategy equals the sum of the second strategy), but the Japanese do have a weakly dominating strategy, which is to go North (the payoffs are equal for one strategy but strictly. The game theory employs the matrix to explain the economic applicability and implications of tariffs, payoffs on the interacting economic agents. In other words, Game theory concentrates on the countries' business strategy In game theory, the strategic form (or normal form) is a way of describing a game using a matrix.The game is defined by exhibiting on each side of the matrix the different players (here players 1 and 2), each strategy or choice they can make (here strategies A and B) and sets of payoffs they will each receive for a given strategy (p 1A,p 2A; p 1A,p 2B; p 1B,p 2A; p 1B,p 2B) Game theory is the study of mathematical models of strategic interaction between rational decision makers. Game theory is used in many different settings, such as economics, philosophy, biology, and war. It allows us to see the possible outcomes from these interactions between the decision makers, predict behavior, and see whether an optimal solution exists Case of the 'L' word: Love. The basic premise of the game theory is to strategise interaction between two or more players in a situation (with given set of rules and outcomes) and arriving at a decision thereafter. It helps one decide on the best.. Game Theory: It is the science of strategy, It is 'the study of mathematical models of human conflict and cooperation' for a game or a practice. The important pioneers of this theory are mathematicians John von Neumann and John Nash, and also economist Oskar Morgenstern. Use of Game Theory: This theory is practically used in economics, political science, and psychology

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