Game theory is prevalent in real-life scenarios and decision-making
Imagine you’re at a table playing a board game. Every decision you make impacts not just your outcome, but also that of your opponents. Each move requires careful thought as you weigh your options against your rival’s potential responses. This back-and-forth creates a challenging situation where planning and strategy are crucial. This is the essence of Game Theory. Here, the term “Game” is a metaphor for real-life scenarios such as business negotiations, geopolitical treaties, and social interactions.
This fascinating field examines how individuals and organizations make decisions in situations where their choices dictate the outcome of a game. Game Theory provides valuable insights into the decision-making dynamics when the players (or stakeholders) behave rationally. It helps us understand how cooperation, non-cooperation, conflict, and competition between players participating in a game shape our world.
This is the first article in a series of articles on Game Theory. I will explore one of the famous games in Game Theory, the Prisoner’s Dilemma Problem.
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