ECONOMICS

Detailed explanation-1: -Game theory studies interactive decision-making, where the outcome for each participant or “player” depends on the actions of all. If you are a player in such a game, when choosing your course of action or “strategy” you must take into account the choices of others.

Detailed explanation-2: -Self-Determination Theory and Game Motivation Research Results indicated experience of autonomy and competence were associated with game enjoyment, motivation to play and changes in self-esteem and mood. Specifically, satisfaction of autonomy, competence and relatedness enhanced game enjoyment and motivation to play.

Detailed explanation-3: -The Prisoner’s Dilemma is the most well-known example of game theory. Consider the example of two criminals arrested for a crime. Prosecutors have no hard evidence to convict them. However, to gain a confession, officials remove the prisoners from their solitary cells and question each one in separate chambers.

Detailed explanation-4: -Game theory definition refers to a mathematical framework studying strategic decision-making; it aims to predict how multiple players will work in a specific situation. Cooperative and non-cooperative, symmetric and asymmetric, simultaneous and sequential are some of the different types of game theory.