What is Game Theory? Definition and meaning

Game Theory

Definition: Game Theory is a special branch of mathematics which has been developed for studying decision making, typically in complex circumstances.
GT tries to predict outcomes based on interactive models in which the decisions of each party affect the decisions of the other parties.
GT is at the basis of current business games and management games, simulating decision making situations.
A well known example of GT is the Prisoner's Dilemma.
Typical situations in GT include: zero-sum game, win-win situation, no-win situation, catch-22.

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