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Game theory is a significant branch of operations research that provides a systematic and quantitative framework for analyzing competitive situations. It is widely used in decision-making scenarios where multiple players or competitors interact, each striving to maximize their own gains while minimizing potential losses. This mathematical approach helps in understanding how rational players should act when their outcomes depend on the actions of others.

A key feature of game theory is the concept of strategy. In any competitive scenario, each player must choose a strategy that maximizes their payoff while anticipating the possible choices of opponents. These strategies can be classified into pure strategies, where a player consistently follows a single course of action, and mixed strategies, where probabilities are assigned to different actions to achieve the best expected outcome.

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