game theory
Game theory is a field of mathematics that analyzes strategies for navigating competitive situations where the outcome of one participant’s actions depends heavily on the actions of others.
One famous example of game theory is the prisoner’s dilemma. Another key concept in game theory is called Nash’s equilibrium. Game theory has been applied to better understand many areas of law including negotiation, arbitration, economics, and international law. See this article by Jens David Ohlin: Nash Equilibrium and International Law for more information on how Nash’s equilibrium can be applied to understand international law. See this paper titled Game Theory and Conflict Resolution for more information on game theory's application to conflict resolution.
[Last reviewed in July of 2024 by the Wex Definitions Team]
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