THE WHATIS.COM WORD-OF-THE-DAY   
February 20, 2002 

game theory 
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TODAY'S WORD: game theory 

See our definition with hyperlinks at 
http://whatis.techtarget.com/definition/0,,sid9_gci803205,00.html 

Game theory is a branch of mathematics with direct applications in
economics, sociology, and psychology. The theory was first devised by
John von Neumann. Later contributions were made by John Nash, A. W.
Tucker, and others. 

Game-theory research involves studying interactions among people or
groups of people. Because people make use of an ever-increasing
number and variety of technologies to achieve desired ends, game
theory can be indirectly applied in practical pursuits such as
engineering, information technology, and computer science. 

So-called games can range from simple personal or small group
encounters or problems to major confrontations between corporations
or superpowers. One of the principal aims of game theory is to
determine the optimum strategy for dealing with a given situation or
confrontation. This can involve such goals as maximizing one's gains,
maximizing the probability that a specific goal can be reached,
minimizing one's risks or losses, or inflicting the greatest possible
damage on adversaries. 

RELATED TERMS;

John von Neumann
http://whatis.techtarget.com/definition/0,,sid9_gci214025,00.html

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SELECTED LINKS: 

Roger A. McCain has written an introduction to game theory.
http://william-king.www.drexel.edu/top/eco/game/game.html

The Game Theory Society promotes the investigation, teaching, and
application of game theory.
http://www.gametheorysociety.org/
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RECENT ADDITIONS AND UPDATES 

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[2] Certificate Revocation List 
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[3] summation 
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[4] Mathematical Symbols 
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[5] turnkey 
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