Game Theory and its Applications

Game theory is the mathematical study of strategic decision making in situations of conflict. In game theory, a single interaction is defined as a game, and those involved in the decision-making are called the players, who are assumed to act rationally. This paper will explore the basic ideas of game theory, including the ideas of payoffs and outcomes; classification of games as zero-sum or nonzero-sum; types of strategies and counterstrategies and the idea of dominance.

Game theory has many applications in subjects such as economics, international relations and politics, and psychology as it can be used to analyze and predict the behavior and decisions of the players. This paper will apply game theory to the decisions made by the players during the Triwizard Tournament in Harry Potter and the Goblet of Fire.