Understanding game theory essentials

Game theory is a mathematical science that studies and analyzes the individual decisions of a subject in situations of conflict, or strategic interaction, with other rival subjects aimed at the maximum profit of each subject. In such situations, the decisions of one can influence the results achieved by the other(s), and vice versa, according to a feedback mechanism, by seeking competitive and or cooperative solutions through models.

The theory of games has its distant origins in 1654, following correspondence between Blaise Pascal and Pierre de Fermat on the calculation of probabilities for gambling. The expression game theory was first used by Emil Borel in the 1920s. Borel developed the Théorie des ...

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