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Dr Mukhtar Ahmed Rana notes, Game Theory employs mathematics to model strategic interactions among rational players or participants. Many realistic situations are modelled as zero-sum games in which one player gains at the cost of other players or vice versa.
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| Photo: Technology Times Pakistan |
Every game would have players, strategies and payoffs. Types of games are very large in number. Major classes of games are cooperative and non-cooperative games. Game theory has applications in situations when humans, animals or computers make decisions with diverging interests.
Common applications of game theory are in economics, business, diplomacy, military strategies, computer science and social evolution. Payoffs of strategies of a player also depends on strategies of rivals. A typical example is firms competing in the same market...
Decision making in the aftermath of the Fukushima nuclear accident could have been better with the adequate use of game theory.
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Source: Technology Times Pakistan
