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

Speech Recognition enables machines to understand and interpret spoken words. By applying natural language processing techniques and AI models, businesses can develop speech recognition…
Instance-Based Learning is an AI approach where models make predictions based on similarity to previously seen examples. Instead of generalising from a predefined set…
Evolutionary Computation is a branch of AI inspired by biological evolution and natural selection. It involves using algorithms to mimic evolutionary processes such as…
Modular Neural Networks are AI models composed of smaller interconnected modules, each responsible for a specific sub-task or component. These modular architectures allow for…