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Game theory and Nash equilibrium in industrial organisation: a critical analysis

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  1. What is game theory?
  2. Definitions of central terms
  3. Advantages of Game Theory
  4. Critique of Game Theory

The origins and motivations for game theory was given by a question from Aumann in 1985 "What is game theory trying to accomplish?". The interest in strategic games started in 1944 by the publication of the paper of John von Neumann's and Oskar Morgenstern's theory of 'Games and Economic Behaviour'. This paper has contributed to the minimax theorem, introduced by Nicolas Bernoulli in 1713. After the contribution of Borel, who defined pure and mixed strategies mathematically, as well as the minimax solution, von Neumann and his collaborator Morgenstern explained the zero-sum non-cooperative games. In these games, only one player can gain and the other player can only lose. They pointed out 'that playing the maximin strategy is the rational thing to do'.

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