Pub. date: 2009 | Online Pub. Date: May 18, 2009 | DOI: 10.4135/9781412971935 | Print ISBN: 9781412966702 | Online ISBN: 9781412971935| Publisher:SAGE Publications, Inc.About this encyclopedia
Brandon K. Vaughn & Frank W. Roberts
This article presents general historical information on game theory and represents this topic in what is hoped to be language that is easily understandable to lay people without any prior knowledge of this subject. Also, there are explanatory definitions of general principles involved that have been developed in this field and further explorations of game theory attributes. Basic mathematics behind game theory are briefly touched on in a way that does not require too much technical knowledge for understanding how it works. For further clarification, examples are provided with some figures that demonstrate the applicability of game theory to various life circumstances. Many may hear the words game theory and think that the term is referring to theories of game playing. However, this is not necessarily true, as game theory is about particular aspects of interactions between individuals or animals as they strive to achieve the ultimate outcomes from specific ...