ABSTRACT
Games are widely used for modelling conflict situations. Typically, they involve two or more decision makers — or players — with differing objectives but sharing the same resources and rules.
Game theory is all about discovering regularities governing outcomes — or end results — of games. Zermelo’s Theorem from 1913 on chess as a determined game is credited with being game theory’s first real theorem. Some very famous names have been associated with the subsequent development of the area. These include Emile Borel — who in the 1920s published four notes on the existence of strategies for winning games — and John von Neumann, whose Minimax Theorem appeared in 1928, and who co-authored with Oskar Morgenstern in 1944 the seminal Theory of Games and Economic Behavior . John Nash’s 1994 Nobel Prize for game theoretic applications to economics highlighted how striking the real world applications can be.
