Game theory
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Game theory is a mathematical theory in economics that studies situations in which players choose different actions in an attempt to maximize their profits. It Provides a formal approach to the study of strategies and extends the simpler optimization approach developed in neoclassical economics. Game theory can be viewed as a branch of decision theory in which players of the game interact with each other.
Game theory was developed in 1944, by John von Neumann and Oskar Morgenstern, and was popularized in the 2001 film A Beautiful Mind, staring Russell Crowe as mathematician and game theorist John Forbes Nash.
