The Applications of Game Theory in Economics and Social Sciences

Abstract

This paper examines the applications of game theory, a branch of mathematics that studies strategic decision-making, in the fields of economics and social sciences. It will discuss the basic concepts of game theory, such as players, strategies, payoffs, and equilibria, and how they can be used to model various economic and social phenomena, including competition, cooperation, bargaining, and voting. The paper will also explore the limitations and challenges of applying game theory to real-world situations.