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Concept
Game theory
Summary
Game theory is the study of mathematical models of strategic interactions among rational agents. It has applications in all fields of social science, as well as in logic, systems science and computer science. The concepts of game theory are used extensively in economics as well. The traditional methods of game theory addressed two-person zero-sum games, in which each participant's gains or losses are exactly balanced by the losses and gains of other participants. In the 21st century, the advanced game theories apply to a wider range of behavioral relations; it is now an umbrella term for the science of logical decision making in humans, animals, as well as computers.
Modern game theory began with the idea of mixed-strategy equilibria in two-person zero-sum game and its proof by John von Neumann. Von Neumann's original proof used the Brouwer fixed-point theorem on continuous mappings into compact convex sets, which became a standard method in game theory and mathematical economics. His paper was followed by the 1944 book Theory of Games and Economic Behavior, co-written with Oskar Morgenstern, which considered cooperative games of several players. The second edition of this book provided an axiomatic theory of expected utility, which allowed mathematical statisticians and economists to treat decision-making under uncertainty. Therefore, it is evident that game theory has evolved over time with consistent efforts of mathematicians, economists and other academicians.
Game theory was developed extensively in the 1950s by many scholars. It was explicitly applied to evolution in the 1970s, although similar developments go back at least as far as the 1930s. Game theory has been widely recognized as an important tool in many fields. , with the Nobel Memorial Prize in Economic Sciences going to game theorists Paul Milgrom and Robert B. Wilson, fifteen game theorists have won the economics Nobel Prize. John Maynard Smith was awarded the Crafoord Prize for his application of evolutionary game theory.
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