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

Facial Recognition is an AI technology that involves identifying and verifying individuals based on their facial characteristics. It analyses facial features such as the…
Dimensionality Reduction is the process of reducing the number of variables or features in a dataset while retaining its essential information. By eliminating irrelevant…
Human-in-the-loop refers to a collaborative approach where humans and AI systems work together to achieve optimal results. It involves combining human expertise, judgement, and…
Object Detection is an AI technique that identifies and localises objects within an image or video. It involves analysing the visual data and assigning…