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

Machine Vision refers to the use of AI and computer vision techniques to enable machines to perceive and understand visual information. It involves analysing…
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…
A ChatBot is an AI-powered robot that communicates with users via written or spoken language, helping them with tasks or providing information. It uses…
Ontologies are a representation of knowledge that defines concepts and the relationships among them. Ontologies enable machines to structure and reason information in a…