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

Cognitive Computing involves creating computer systems that can imitate human cognitive abilities, such as perception, reasoning, learning, and problem-solving. By combining AI, Machine Learning,…
Intelligent Virtual Assistants, also known as Chatbots or Virtual Agents, are AI-powered software applications that can engage in conversations and perform tasks on behalf…
Weak AI, also known as Narrow AI, refers to AI systems designed to perform specific tasks with human-like intelligence, but without true general intelligence….
Human-in-the-loop refers to a collaborative approach where humans and AI systems work together to achieve optimal results. It involves combining human expertise, judgement, and…