We encounter many situations of conflict on a day‐to‐day basis. When trying to find a solution, we consider all the possible consequences of our choices. Sometimes, the outcome of a situation depends on the decisions of others. This is where the discussion of game theory begins. Game theory seeks to construct a mathematical model for these decision making processes. The players in a game want to find the best outcome for themselves; is it possible to guarantee that a particular outcome, no matter what the other player does? Perhaps the most important result of game theory is the Minimax Theorem, proved by John von Neumann. He showed that in a game with two players, such that the loss of one is the gain of the other, there are strategies that each player should use that will result in the best outcome for both of the players. Since this theorem was proved, a number of extensions have also been found.
Hall, Megan, "Game Theory and Von Neumann’s Minimax Theorem" (2011). Honors Student Works. 5.
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