Game Theory
Although game theory was initially developed to analyse competitions wherein individuals acquire better gains at the expense of others, it has now expanded to address different types of interactions and competition based upon various criteria. As wikipedia.org puts it, “Game theory attempts to mathematically capture behaviour in strategic situations, in which an individual’s success in making choices depends on the choices of others.” It is mainly a branch of applied mathematics which has practical uses in the social sciences and most notably, that of the field of economics. Since economists rely on how people make their purchasing decisions, the game theory is a very helpful tool in determining behaviour of consumers.
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