Game theory can be used in situations in which an entity’s payoff (profits, well-being, etc.) depends on actions taken by other entities.
Game theory can be used to assess situations in which company's must decide how best to
- Induce cooperation across groups of employees
- Respond to Competitors
- Respond to Vendors
- Respond to Customers
- Respond to Complementors
As the world has become globalized and markets have accordingly become more interconnected and complex, game theory has become increasingly applicable to more and more situations. In particular, more situations have become characterized by global ecosystems, in which many players from different countries are involved to different extents and at different levels.