Game Theory: The Science of Decision Making
Think strategically and make the best decisions possible
If you’re someone that likes to take the time to think strategically and break down a game before you even enter the mindset to play it, then you’ll love this article. Below is an explanation of what Game Theory actually is, and why it’s an interesting tool for decision-making.
An Introduction to Game Theory:
Games have been around as long as civilization has; they are a staple in every culture, from childhood memory games (e.g., Red Light Green Light) to adult board games (e.g., Monopoly). But the basic concept of a game has never changed, from its ancient ancestor’s cave drawing of a stick-man jumping over an oval line to modern video games. The goal of the game is still to win.
In a game, the players take on the roles of individuals who have opposing interests in an outcome. The game is called a “game” because each player has been given a role in which they must take action if they want to win. These roles can include (but are not limited to) ‘Player’, ‘King’, and ‘Queen’. In some games, there are multiple roles assigned to each player (e.g., “Risk”). Other elements of a game can include monetary rewards or penalties, the chance to suffer humiliation or embarrassment, and/or a…
