Some other concepts in game theory that can help in predicting the outcome of a game include the Nash Equilibrium, the Prisoner's Dilemma, and the concept of Dominant Strategy. The Nash Equilibrium, named after mathematician John Nash, is a proposed solution of a non-cooperative game involving two or more players in which each player is assumed to know the equilibrium strategies of the other players, and no player has anything to gain by changing only their own strategy. The Prisoner's Dilemma is a standard example of a game analyzed in game theory that shows why two completely rational individuals might not cooperate, even if it appears that it is in their best interests to do so. Dominant Strategy is a strategy that is optimal no matter what other players do.
Have you ever had to dissect a complicated business scenario and were confused as to where to begin,...
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