India’s muscular riposte to Pakistan’s perfidy post-Uri, post-Pulwama has underpinnings in game theory. So, chess is an example of game theory as both players know the possible moves and the effects of those moves. The rules of the game are known to both the players and have remained unchanged which makes it a game of perfect information. It depends upon the players, how they use the moves to win the game. We all have played the game chess once or more in our life. Let’s check some relevant examples of game theory used in everyday life. According to game theory, One always lose, and another player always wins.
It is used to find the optimal outcome from a set of choices by analyzing the costs and benefits to each independent party as they compete with each other.
Game theory is the mathematical study of strategic decision making. In economic terms, you are “best-responding” to other people’s actions in a purely individual and self-interested way. The aim of doing is what is best for yourself. We choose according to the situation or what we think is right for us and sometimes for others too. We all have our personal reasons for our choices.
