The process where the subjects like negotiations, conflicts, cooperation among various individuals, organizations are studied with reference to mathematical models is termed as game theory. Game theory mainly explores the possible outcomes from a situation where multiple parties involved are looking for a course of action that best benefits them. Here each possible outcome is obtained by combinations of simultaneous actions by each party.
How can this be applied to various circumstances in your life? There are times when you realize an action done by you earlier could have been done differently or better than what was achieved initially. A simple way to put game theory in practice might be to visualize the various scenarios along with your desired positive outcomes. This exercise helps you to be better prepared mentally and act positively at the required time.
If you are an entrepreneur who has failed many a times trying different things, you are getting better with each of your next step but the changes have been slow then try this method. There are aspiring entrepreneurs who are afraid to take the next big step and are waiting for a push. It is not possible to understand a game before you actually play it by yourself.
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