This paper explores various real-life applications of game theory of information economics. There are several real-life applications of game theory, and they used in relation to decision-making management and within the context of competition. For instance, a total of eleven game theorists have won the economics Nobel Prize as a result of their breakthroughs in game theory (Dresher et al. However, intense studies on game theory have extended its application to cover any form of logical decision-making that involves computers, human beings, and animals. Originally, game theory was meant to address the element of game-competitions where the gains of one person often resulted in a loss for the others who were involved.
This theory consists of various basic tools, including information economics, mathematics, and conceptual analysis.
