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The key to game theory is that one player's payoff is contingent on the strategy implemented by the other player. The game identifies the players' identities, preferences, and available strategies and how these strategies affect the outcome.
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Study with Quizlet and memorize flashcards containing terms like What is Game Theory?, Game Theory and Decision Theory, Decision Theory and more.
Game Theory. The branch of mathematics concerned with the analysis of strategies for dealing with competitive situations where the outcome of a participant's choice of action depends critically on the actions of other participants. Rational Thinking.
