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Game Theory
Game Theory (GT) is a mathematical modeling framework that analyzes the strategic interaction among rational or irrational agents (individuals, groups, companies, etc). A game consists of a set of players, actions (choices) and strategies. Each player earns a reward (payoff) that depends on her strategy and that of the players she interacts with. Many real-world situations can be modeled as a game and analyzed using game theory, specially, in fields such as Biology, Sociology, Economics, etc. The theory is very useful to unravel and predict human behavior and also provides a framework and analytical tools for understanding a wide range of phenomena that occur in real life and are linked to decision-making by individuals or groups of individuals that interact with each other. Game Theory is particularly advantageous when we study the emergence of cooperative behavior, as it provides deep insights into how social welfare (cooperation) can survive in front of individual selfishness

The first formal theory of games was suggested in 1921 by the mathematician Emile Borel. The