What is Game Theory?

Skill Level:

Game Theory is a mathematical framework used to study and analyse strategic decision-making in situations involving multiple actors or players. It helps businesses understand and predict the behaviour of competitors, customers, and other stakeholders. Game Theory finds applications in areas like pricing strategies, auction design, and negotiation tactics.

Other Definitions

Unsupervised Learning is a Machine Learning technique where models learn patterns and structures within data without labelled examples. By uncovering hidden relationships and clustering…
Digital assistants, also known as Virtual Assistants or Chatbots, are AI-powered software applications that can engage in conversations and perform tasks on behalf of…
Speech Recognition enables machines to understand and interpret spoken words. By applying natural language processing techniques and AI models, businesses can develop speech recognition…
Probabilistic Graphical Models is a type of statistical model used in Machine Learning and Artificial Intelligence. They represent complex relationships between variables through graphs…