Game theory is a theory of strategic interaction. That is to say, it is a theory of rational behavior in social situations in which each player has to choose his moves on the basis of what he thinks the other players’ countermoves are likely to be.

(Game theory is) essentially a structural theory. It uncovers the logical structure of a great variety of conflict situations and describes this structure in mathematical terms. Sometimes the logical structure of a conflict situation admits rational decisions; sometimes it does not.

Whether game theory leads to clear-cut solutions, to vague solutions, or to impasses, it does achieve one thing. In bringing techniques of logical and mathematical analysis gives men an opportunity to bring conflicts up from the level of fights, where the intellect is beclouded by passions, to the level of games, where the intellect has a chance to operate.

The theory of games was first formalised by Von Neumann & Morgenstern (1953) in reference to human economic behaviour. Since that time, the theory has undergone extensive development... Sensibly enough, a central assumption of classical game theory is that the players will behave rationally, and according to some criterion of self-interest. Such an assumption would clearly be out of place in an evolutionary context. Instead, the criterion of rationality is replaced by that of population dynamics and stability, and the criterion of self-interest by Darwinian fitness.

Game theory brings to the chaos–theory table the idea that generally, societies are not designed, and that most situations don’t come with a rulebook. Instead, people have their own plans and designs on how things should fit together. They want to determine how the game is played, and they see societal designers as myopic busybodies who would imprison them with their theories.

Like all of mathematics, game theory is a tautology whose conclusions are true because they are contained in the premises.

# Game theory, analyzing in a novel mathematical framework, rational competition between two or more antagonists for maximum gain and minimum loss.

At present game theory has, in my opinion, two important uses, neither of them related to games nor to conflict directly. First, game theory stimulates us to think about conflict in a novel way. Second, game theory leads to some genuine impasses, that is, to situations where its axiomatic base is shown to be insufficient for dealing even theoretically with certain types of conflict situations... Thus, the impact is made on our thinking process themselves, rather than on the actual content of our knowledge.

I think game theory creates ideas that are important in solving and approaching conflict in general.

Although the drama of games of strategy is strongly linked with the psychological aspects of the conflict, game theory is not concerned with these aspects. Game theory, so to speak, plays the board. It is concerned only with the logical aspects of strategy.

Paradoxically, it has turned out that game theory is more readily applied to biology than to the field of economic behavior for which it was originally designed

Evolutionary game theory is one of the most active and rapidly growing areas of research in economics. Unlike traditional game theory models, which assume that all players are fully rational and have complete knowledge of details of the game, evolutionary models assume that people choose their strategies through a trial-and-error learning process in which they gradually discover that some strategies work better than others. In games that are repeated many times, low-payoff strategies tend to be weeded out, and an equilibrium may emerge.

The implication of game theory, which is also the implication of the third image, is, however, that the freedom of choice of any one state is limited by the actions of the others.

Game theory, however, deals only with the way in which ultrasmart, all knowing people should behave in competitive situations, and has little to say to Mr. X as he confronts the morass of his problem.