1616 WordsJul 6, 20167 Pages

Game theory is one to more complexed topics but reveals a clear understanding from different scholars. Don Ross explained that game theory is the study that interacts with the different choices of economics agents which bring forth many different outcomes with the point to the preferences of those agents, where the outcomes in question might have been intended by none of the agents (Ross, 2016). The properties that game theory considers in economic situations include two or more 'economic actors ' - that is, two or more firms, individuals, political parties, etc. Each individual economic actor has a set of decisions they can make - what price to charge, how much to save, whether to move right or left, etc. Each individual economic actor has a 'goal ' or payoff, such as profit maximization, maximize happiness, minimize loss, etc.
The decisions made by one economic actor not only affects her payoff, but the payoff of one or more other economic actors. Schmidt (2003) states that Game theory was invented in order to satisfy a mathematical curiosity. The difficulty at the outset was to find a theoretical solution to the problem posed by uncertainty in games of chance (Schmidt, 2003). He further stated that the first completed formula of mathematical strategies was sketched by Boral. The application of game theory to economics posed a more fundamental problem due to the distance of separating several major concepts articulated in Theory of Games and Economic Behavior. Economics

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