What Is Game Theory?

Game theory is a theoretical framework for conceiving social situations among competing players. In some respects, game theory is the science of strategy, or at least the optimal decision-making of independent and competing actors in a strategic setting.

The key pioneers of game theory were mathematician John von Neumann and economist Oskar Morgenstern in the 1940s.1 Mathematician John Nash is regarded by many as providing the first significant extension of the von Neumann and Morgenstern work.2

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