Year: 2024
Type: article
Abstract: The modern world is characterized by a multitude of problems that contain conflicts of different interests. The importance and frequency of the problem caused the need to develop techniques for managing conflict situations. Accordingly, game theory has developed as a special direction and methodology used in the study, analysis, and resolution of conflict situations. This theoretical direction deals with the phenomenon of making rational decisions in conflict situations and is considered a specific type of mathematical analysis of conflicts. It is a mathematical discipline that deals with the formalization of the decision-making process in situations where multiple decision-making subjects participate, who have conflicting interests. Each of the opposing sides has several strategies at their disposal. The goal is to determine the strategy that is best for each side in a conflict situation. The use of game theory provides a clearer representation of possible alternative solutions to a conflict situation. The paper shows the application of game theory to certain historical events. Through the petition payment matrix, solutions to the Battle of the Bismarck Sea, the Cuban Missile Crisis, and the arms race are possible. It should be noted that, for the analysis of a mathematical model, game theory requires quantifying and measuring something that is immeasurable, such as motives, outcomes, preferences, etc., when it comes to different conflict situations. During the selection of the strategy, only the most important decision-making factors are included in the consideration, and the others are neglected, which can lead to the absence of a wider picture that could influence the final choice of strategy. Game theory is widely applicable, but the high degree of abstraction greatly limits its practical value.
Authors: Zorana Ivetić, Jovanka Tošić
Institution: Educons University
Language: English
Topic: Game Theory and Applications
Field: Decision Sciences
Domain: Social Sciences
Open Access status: diamond
OpenAlex ID: W4405290666