Game theory-preferences and specification on different types of games
Game theory-preferences and specification on different types of games

Summary/Abstract: The concept of game theory is to study the actions of several independent agents in a given situation, which can be resolved with a conflict or cooperation. These agents may be individuals, groups, firms, or any combination of these. Game theory is a tool for analyzing different types of decision in a previously given situation in which a choice must be made by the players if they want to benefit from the game. Game theory is a mathematically founded tool for analyzing and predicting a possible outcome based on the decisions of rationally involved players. The base of the game theory as stated before is the decision. Finding the way to track, analyze and structure the true definition of a decision made by an individual or group in a given surroundings is a primary goal of the game theory. Its efforts as presented in this article include a variety of strategic challenges and different methods of resolving each one of them always concerning the rational game play and benefit cravings from the players.

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