JCPL Teens

John von Neumann first released the idea of Game Theory in 1928.  He looked at mathematics and probability based on board games, like chess.   In the 1940's Game Theory gained wider applications for economics and other fields.  The concept of game theory is that players start a game, have defined options either by choice or random (like the spin wheel in Twister), and have a conclusion where a winner is declared.  There are "perfect information" games where the players have full knowledge of what is happening in the game and "imperfect information" games, like Battleship, where not all the cards are revealed to all players. 

Within game theory there are also two different types of games.  Zero Sum, where two players compete and the amount won by one player is equal to the amount lost by the other, and Non-Zero Sum, where there are multiple players and the amount won may not be equal to the amount lost by any individual player.  In Non-Zero Sum games players can work together or form "coalitions" to win.  (Insert evil hand rubbing.) 

The theory is all about strategy and looking at the probable outcomes of certain decisions.  Game theory has been used in everything from military planning to evaluating schizophrenia. 

Want to know more?  Check out our online database Science in Context.