Question: What is a game?
Answer: A game is defined to be any interaction with:
- At least two players (and a player can be an individual or an entity like a company, nation, etc.);
- Each player has a number of possible strategies (or courses of action) she/he can follow;
- The strategies chosen by each player determine the outcome of the game; and
- Numerical payoffs can be associated with the different game outcome payoffs.
Question: What is game theory?
Answer: Game theory is a mathematical technique used to analyze the behavior of individuals as they:
- Try to reach an optimal outcome through game playing and/or the use of strategic behavior;
- Are fully aware of the interactive nature of the process/game; and
- Anticipate the moves of other players.
