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WHAT IS ECONOMIC AND GAME THEORY

Game theory, sometimes called scientific decision making, is the branch of mathematics that deals with the analysis of strategic situations. It is a structured process that focuses the process on the mindset of all the players — competitors, suppliers, customers, regulators.

Decision makers can use the power of game theory to better understand the implications of their actions against the competitive landscape and identify ways to influence other players' actions. It allows organizations to identify, from many possible scenarios, the most likely responses and craft a strategy that yields a competitive advantage.

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