What is Game Theory?

Skill Level:

Game Theory is a mathematical framework used to study and analyse strategic decision-making in situations involving multiple actors or players. It helps businesses understand and predict the behaviour of competitors, customers, and other stakeholders. Game Theory finds applications in areas like pricing strategies, auction design, and negotiation tactics.

Other Definitions

Incremental Learning is an AI technique that allows models to continuously learn from new data without retraining from scratch. Instead of training the model…
Clustering in AI refers to the process of grouping similar data points together based on their inherent characteristics or attributes. By identifying patterns or…
Knowledge-Based Systems are AI systems that utilise domain-specific knowledge and rules to make informed decisions or provide expert advice. These systems incorporate human expertise…
Backpropagation is a technique used in training Artificial Neural Networks. It involves propagating error information backward through the network, allowing adjustments to be made…