INVESTIGATION OF GAME THEORY FOR DECISION MAKING AND OPTIMIZATION PROBLEMS

In a variety of domains, game theory has become a potent instrument for deciphering decision-making procedures and enhancing results. In order to shed light on its usefulness and potential advantages, this inquiry focuses on the use of game theory in decision-making and optimisation situations. The study starts off by looking at the basic ideas of game theory, such as players, strategies, and payoffs, and how these relate to scenarios involving decision-making. It explores many game types, stressing their distinctive qualities and tactical considerations, including simultaneous and sequential games, zero-sum and non-zero-sum games, cooperative and noncooperative games, and zero-sum and non-zero-sum games. The inquiry looks at how game theory can be used to deal with decision-making issues in practical settings. It looks at instances where game theory has been used effectively to model interactions, forecast results, and develop the best possible tactics in a variety of fields, including economics, politics, business, and social sciences. The study also explores the use of game theory to optimisation issues. It looks at how game-theoretic methods, including Nash equilibrium and mixed strategies, can be used to find the best outcomes in situations with several actors or competing goals. Resource allocation, network routing, and supply chain management are just a few of the complicated optimisation problems that are discussed in this article's discussion of the potential of game theory. The inquiry illustrates the drawbacks and difficulties of game theory, such as the reliance on complete knowledge and rationality, as well as the computational difficulty of resolving large-scale games. It emphasises how crucial it is to use appropriate solution approaches and realistic assumptions to increase the application and efficacy of gametheoretic models.