Game theory is the study of strategic decision making when outcomes depend on the choices of multiple parties. It was founded in the 1940s by John von Neumann, Oskar Morgenstern, and John Nash to analyze situations involving conflict or cooperation between intelligent rational decision-makers. Game theory is used for analyzing economic problems, auctions, war strategies, politics, and other multi-agent scenarios like the famous Prisoner's Dilemma.

1. Game Theory By Nainil Chheda http://www.nainil.com

2. Definition The theory of making the best choice from among the available strategies given imperfect information.[1] Retrieved from: www.indiainfoline.com/bisc/accg.html

3. Founders John von Neumann Oskar Morgenstern Sir John Nash (Princeton University, NJ)

4. Purpose “ To find a solution to a problem which would lead to a ‘Win-Win’ situation for all the involved parties ” – Nainil Chheda. A scenario where everybody wins = Nash Equilibrium

5. Types of games Symmetric and asymmetric Zero sum and non-zero sum Simultaneous and sequential Perfect information and imperfect information Infinitely long games Retrieved from: http://en.wikipedia.org/wiki/Game_theory

6. Uses of Game Theory Analysis of Economic Problems Auctions War Strategies Politics

7. Prisoners Dilemma http://en.wikipedia.org/wiki/Prisoners_dilemma