GAME THEORY: FOUNDATIONS, APPLICATIONS, AND FUTURE PERSPECTIVES

Abstract

In the multidisciplinary field of game theory strategic interactions between rational decision-makers are analyzed using a mathematical framework. From its beginnings in economics it has expanded to include disciplines like biology, computer science philosophy and political science. The fundamental ideas of game theory such as players’ strategies, payoffs and equilibria are explored in this essay along with its applications in a variety of fields. Through case studies and important frameworks, the paper demonstrates how game theory promotes collaboration competition and conflict resolution by providing insights into intricate decision-making situations. The future potential of game theory in addressing ethical issues in its applications and integrating with new technologies is also covered. The study’s overall findings highlight the wide range of applications of game theory and its revolutionary influence on both theoretical inquiry and practical problem-solving.