Game theory is ultimately about how individual participants in a marketplace can cooperate to their mutual benefit. None of this should be shocking. It’s actually commonplace. As long as I’ve been ...

Macroeconomists often employ game theory as well, for example, to explain how the government and the private sector interact in monetary policy decisions. But what, exactly, is game theory?

Game theory is the study of how players strategize and make decisions. It's a way to model scenarios in which conflicts of interest exist among the players.

But game theory is one way to understand what's happening. Game theory tries to find order in the chaos of something like a budget negotiation.

A leading economist explains why game theory has become so important in economics, and how Jane Austen anticipated its results a mere 200 years ago.

University of Maryland professor Thomas Schelling, one of the recent winners of the Nobel Prize for economics, discusses the field of game theory.

Game theory can be described as the mathematical study of decision-making, of conflict and strategy in social situations. It helps explain how we interact in key decision-making processes.

The prisoner's dilemma describes a situation in which two parties act on an incentive to protect themselves at the expense of ...

Game theory is a mathematical modeling and analysis of the strategic behavior of people where choices by a player affect the interests of a different player and vice versa. Its application is vast ...