IL Login



What is Game Theory?

Game theory is a mathematical approach towards decision making that can help study, analyze and solve various social problems. It involves applying a mathematical strategy on social situations that involves competing rational players, independent actors whose choices and actions shall affect all, while exercising optimal decision-making aimed to strive for maximized results.

But how does Mathematics help with decision making?

Game Theory focuses on the interaction of different players in a game. These interactions can be either of the 3 Cs & 2As- COMPETITION, COMPROMISE, COORPORATION, AVOIDING & ACCOMODATING

Game Theory not only allows an insight into the mathematical strategies being used by the players in a particular game, but also provides an idea as to how individuals, political factions, states or other players will behave in a given real life situation, with interactive rational participants keeping eyes on the outcome, contingent upon the other parties possible decisions.

Implications of Game Theory- REAL LIFE EXAMPLES

1. Bidding at auction
2. Collective Bargaining & Negotiation.
3. Decisions regarding new products.
4. Product Pricing Decisions.
5. Stock Market Decisions.
6. Prisoner’s Dilemma
7. Conflict Resolution in daily life

So, if you wish to learn strategies to become a successful:

- Auctioneer
- Businessman/Businesswoman
- Entrepreneur
- Investor
- Conflict Solver
- Community Coordinator
- Community Outreach Officer
- Community Leader
- Community Builder
- Community Welfare Officer
- Decision Maker
- Peace Maker
- Problem Analyst
- Social Worker
- Social Influencer
- Strategic Expert


Our support team will respond to you within 12 hours