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

One-Shot learning is an AI approach that enables models to learn from only one or a few examples. This approach is advantageous in tasks…
Uncertainty in AI refers to the unpredictability or lack of full knowledge about a situation or outcome. AI models often encounter uncertainties due to…
Big Data refers to large, complex datasets that cannot be easily managed or analysed with traditional data processing methods. AI techniques, such as Machine…
Robotics Process Automation is an AI technology that automates repetitive and routine tasks in business processes. RPA involves using software robots to emulate human…