Difference between revisions of "Game theory"
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Game theory was developed in 1944, by [[John von Neumann]] and [[Oskar Morgenstern]], and was popularised in the 2001 film A Beautiful Mind, staring [[Russell Crowe]] as mathematician [[John Forbes Nash]]. | Game theory was developed in 1944, by [[John von Neumann]] and [[Oskar Morgenstern]], and was popularised in the 2001 film A Beautiful Mind, staring [[Russell Crowe]] as mathematician [[John Forbes Nash]]. | ||
[[Category:Mathematics]] | [[Category:Mathematics]] | ||
| + | [[Category:Economics]] | ||
Revision as of 17:11, April 27, 2007
Game theory is a mathematical theory in economics that studies situations in which players choose different actions in an attempt to maximise their profits. It Provides a formal approach to the study of strategies and extends the simpler optimisation approach developed in neoclassical economics. Game theory can be viewed as a branch of decision theory in which players of the game interact with each other. A common example of game theory is the prisoner's dilemma.
Game theory was developed in 1944, by John von Neumann and Oskar Morgenstern, and was popularised in the 2001 film A Beautiful Mind, staring Russell Crowe as mathematician John Forbes Nash.