# Game theory

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## Key concepts

### Players

The individuals or groups who are making decisions.

### Strategies

The different actions that a player can choose from.

### Payoffs

The outcomes of a game, often represented as a matrix showing the payoffs for each combination of strategies chosen by the players.

### Equilibrium

A set of strategies such that no player can benefit by changing their strategy, given the strategies of the other players.

### Dominant strategy

A strategy that is always the best choice for a player, regardless of the strategies chosen by the other players.

### Nash equilibrium

A type of equilibrium in which each player's strategy is a best response to the strategies of the other players.

### Mixed strategy

A strategy in which a player randomly chooses among a set of possible actions.

## Resources

### Game Theory - Coursera course

https://www.coursera.org/learn/game-theory-1

### Game Theory: Basic Concepts and Terminology

https://www2.econ.iastate.edu/tesfatsi/GameDef.pdf