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

Edge Computing brings computing resources closer to the source of data generation, reducing latency and improving response times. By processing and analysing data locally…
Multi-Agent Systems are AI systems where multiple autonomous agents interact and collaborate to accomplish a goal. These agents can be software programs, robots, or…
A Virtual Assistant (or Virtual Agent) is an AI-powered software or application that performs various tasks and assists users with their daily activities. It…
Fuzzy Logic is a mathematical framework that deals with uncertainty and imprecision. By assigning degrees of truth to statements, Fuzzy Logic allows businesses to…