Classical Game Theory
Game theory was conceived by John von Neumann to mathematically determine optimal strategies in situations in which a competition between adversaries is taking place. A contest involves a number of players, all of whom have a choice of moves for the game. Games can be a single round or repetitive. The approach a player has in making his or her moves constitutes the player's "strategy". Rules govern the outcome for the set of moves taken by the players and outcomes produce payoffs for the various players; rules and resulting payoffs can be expressed as decision trees or in a payoff matrix.
Classical game theory essentially requires that all of the players make rational choices (that is, making their strategic choice on a wholly rationally-determined evaluation of probable outcomes). As a consequence, it is fundamental in game theory that each player must consider the strategic analysis that the players' opponents are making in determining that his or her own strategic choice is appropriate.
Read more about this topic: Evolutionary Game Theory
Famous quotes containing the words classical, game and/or theory:
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—R.G. (Robin George)
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