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About Business Basics
Business Basics are AI-generated explanations prepared with access to the complete collection, human-reviewed prior to publication. Short and simple, covering business fundamentals.
Topics Covered
- Introduction to Game Theory
- Key Game Theory Concepts
- Types of Games
- Nash Equilibrium Significance
- Applications of Game Theory
- Oligopolistic Market Analysis
- Behavioral Insights in Game Theory
Talk Citation
(2025, September 30). Game theory [Video file]. In The Business & Management Collection, Henry Stewart Talks. Retrieved September 30, 2025, from https://doi.org/10.69645/KNUX3580.Export Citation (RIS)
Publication History
- Published on September 30, 2025
Transcript
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0:00
Welcome to our introduction to Game Theory,
a key concept for understanding
strategic decision-making in economics,
business, biology, and beyond.
Game Theory offers a framework
for analyzing situations where
multiple decision-makers, or
“players,” make choices that
influence each other’s outcomes.
This mathematical branch predicts
how rational agents behave in
interdependent environments,
where each participant’s success
depends not only on their own actions,
but also on the choices of others.
Game theoretic thinking finds
application in areas such as international relations,
animal behavior, business negotiations,
and everyday interactions.
Let’s explore some essential concepts.
In Game Theory, a “game” consists of players,
strategies, and payoffs.
Strategies are each player’s possible actions,
and payoffs are the outcomes from those actions.
Games can be cooperative, with
binding agreements, or
non-cooperative, without enforceable deals.
There is a key distinction
between zero-sum games, where one player’s gain
is another’s loss, and non-zero-sum
games, where cooperation can benefit all.
Games are also classified as
simultaneous, where players act without
knowing others’ moves, and
sequential, where there is a set order of play.
A central idea in Game Theory is the Nash Equilibrium,
named after John Nash.
This occurs when no player can improve their payoff by
unilaterally changing
their strategy, given others’ strategies.