Applications of Game Theory

GAME THEORY One possible application of Game Theory is in advertising. Advertising involves the promotion of products and services so as to expose the product or service to a greater number of people. The goal of advertising is to make more people aware of a company’s product or service so that more people would avail of this product or service, and this would mean more revenues for the company. One way that a company …showed first 75 words of 782 total…

…showed last 75 words of 782 total…smoker gives up smoking and so stops buying cigarettes. Lastly, when making a game, the number of adversaries is assumed and the strategies of each are also assumed. However, one may not be able to account for all possible adversaries and all possible strategies that may be available in real life. In conclusion, game theory may still be useful in giving us a framework with which to analyze the decision making process in competitive situations.