Game Theory comes into the picture wherever the actions of entities involved are independent of each other. It is the study of formal interaction of conflicts and cooperation of these entities – they can be governments, big business houses, social groups, or individuals or maybe combination of anyone of the above. It provides an insight into different strategic choices by fundamentally and objectively analysing the methodologies. It requires making of models which provides a clearer picture and supports in decision making. It helps in strategic decision making.
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