What are the basics of game theory?

Answer by  Wacho (68)

Game theory is the process of picking the best choice based on possible responses to each choice. The best example is a chess game. Given any position on the board there are a number of possible moves. For each move there are a number of possible responses. By analyzing each response to each move you can determine the best move.

Answer by  brianguy (21)

Game theory is a type of mathematics used in different fields to predict the outcome of certain scenarios. It's often used in economics but can also be applied in business, engineering, political science, etc. The results of these situations depends on decisions of others, that affect an individual's results in addition to their own decisions or "moves".