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

Natural Language Processing involves the interaction between computers and human language, enabling machines to understand, interpret, and generate human language. It powers applications like…
Neural Networks are a type of Machine Learning model inspired by the human brain. They are composed of interconnected nodes, or “neurons,” that process…
Regression Analysis is a statistical technique used to determine the relationship between independent variables and a dependent variable. By analysing historical data, businesses can…
Natural Language Generation is an AI technique that converts structured data into human-like text. NLG systems use Machine Learning algorithms to understand the data…