The key principles of game theory include strategic behavior, interdependence, and the concept of equilibrium. Strategic behavior refers to the decision-making process where a person considers the potential actions and reactions of others. Interdependence is the principle that the outcome for a player depends not only on their own decisions but also on the decisions of others. The concept of equilibrium refers to a state in which no player has an incentive to change their strategy, given the strategies of the other players.
Have you ever had to dissect a complicated business scenario and were confused as to where to begin,...
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