The game theory, in terms of economics, refers to the process in which the strategic interaction is modelled between two and more players, where a basic set of rules and regulations, along with the required outcomes are fixed. According to the subject course of economics, the game theory is valuable in the analysis of the industry, sectors and the interactions between firms which are strategic.

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Basic Elements Of Game Theory

Game theory has various elements involved in the same, which help the experts and professionals to use the theory for the best:

1. Utility
2. Games and rationality
3. Trees and matrices
4. Strategic-form representation v/s Extensive-form representation explained with the help of the prisoner’s dilemma
5. Solution concept and equilibria
6. Subgame perfection
7. Morality and efficiency in games - interpreting payoffs
8. Trembling hand and quantal response equilibria

Some of the basic behavioural pieces of evidence under game theory are:

1. Game theory and the laboratory
2. Game theory and the neuroeconomics
3. Game theory and the model of human nature

Few terminologies used under the Game Theory are:

1. The game refers to the set of situations for which the result is dependent on the actions of the decision-maker also known as the players.
2. The players are the strategic experts and professionals who are involved in decision making keeping the game in mind.
3. Strategy refers to the blueprint of the plan that will take place as per the requirement of the game and the ability of the players
4. The payoffs are also known as the regard that a player gets once he or she reaches a particular outcome.
5. The information set is the data or information that is available with the player at a particular time in the game. 
6. Equilibrium is that part of the game where the players come to a conclusion and reach the outcome for the same.

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