what is game theory 
game theory is the study of how and why individuals and entities called players make decisions about their situations it is a theoretical framework for conceiving social scenarios among competing players in some respects game theory is the science of strategy or at least of the optimal decision making of independent and competing actors in a strategic setting game theory is used in a variety of fields to lay out various situations and predict their most likely outcomes businesses may use it for example to set prices decide whether to acquire another firm and determine how to handle a lawsuit 