Game Theory
- Social Sciences -
Economics & Business Dictionary
Definition
A microeconomic concept defining how agents make choices and how markets allocate resources under constraints. It specifies relationships among incentives, prices, quantities, and strategic behavior used to predict outcomes. It does not guarantee predictive accuracy without assumptions about preferences, technology, and information available to participants.
Game Theory
Natural & Formal Sciences Dictionary
Definition
The mathematical study of strategic interaction among rational agents, modeling preferences, available actions, information, and payoffs to analyze equilibrium concepts, incentives, and collective outcomes.