In this video you will understand all the concepts related to what is Game Theory. Game Theory in Economics is basically a mathematical model that seeks to determine the best option for an individual player when the other participant's unknown choice affects the overall outcome. This theoretical framework is more of a scientific strategy that yields optimal decision-making.

Game theory is not just about games, but how and why businesses make decisions, and just about any decision based on valuing likely outcomes. In game theory, all of these situations are "games" since the people involved make choices based on how they value the possible outcomes of the choices. This is true even of cases where the decisions of a single person only affect that one person.

In this video you will understand all the concepts related to Game Theory like:
1. Game Theory in Economics
2. Components of 'Game'
3. Prisoner's Dilemma
4. Applications of Game Theory

By watching this video you will master all the concepts of why Game Theory is important in businesses.

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