Game Theory: Types, Impacts, Strategies, Applications And Limitations

Abstract

A subfield of applied mathematics called "game theory" examines strategic scenarios in which participants make decisions on how to best maximize their gains. It is now a common instrument used in many different types of investigations. The attempts have been made to give a group of people who have distinct objectives in mind a normative guidance to rational behavior. The only quantitative method for problem analysis that has been devised to yet is game theory. It is the only field in which concepts with fairly divergent logic may be formally represented while utilizing the highest level of mathematical complexity. We were motivated to work on game theory because of its broader applications, its ability to identify conflicts and problems in real life, and its scientific investigation of these issues to provide a feasible solution. We have discovered that a player's ability to make a personal move that is successful in a given scenario depends on their deliberate selection of one of the available movements. In a class game, each move could be interpreted as a private game. As each player carefully selects one of the options available for a certain piece position on the board in turn.