An overview on game theory and its application

Abstract

This research paper looks into Game Theory while immensely addressing the historical background of this theory. The document also gives an overview and definition of relevant terminologies related to this theory like a game, Nash equilibrium, and dominance which form the basis of the theory concept. It also focuses on mixed strategies, extensive games with both perfect and imperfect information, auction bidding, and their relevant practical application of the concept as applied in the field of economics.