About Game Theory:
Knowingly or unknowingly everyone practices game theory on a daily basis. A game is being played whenever people interact with each other. Game theory is a term given to mathematical modeling and analysis of situations when rational decision makers interact strategically. The decision makers (called “players”) could be human beings, computers, animals, etc. Players are said to be rational if they have their own description of which states of the world they like and they attempt to bring these states to the world. When players are strategic they take into account their knowledge or expectations of other players’ actions or responses while pursuing their objective. Interactions of the players could be competitive, cooperative or something in between.
The subject matter of game theory is as old as human civilization. However, as an academic discipline it was formally started in 1944 with the publication of the book titled Theory of Games and Economic Behavior by von Neumann and Morgenstern. Fourteen game theorists have won the Nobel Prize within seven decades of its development.
About the Reading Group:
The primary objective of this group is to learn about theoretical developments in game theory and its exciting applications in the field of management.
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