![]() Game theory is the study of situations where the best choice (or “strategy”) amongst alternatives depends on the choices made by others. ![]() How do competition regulators predict how a merger between two companies will impact the prices paid by consumers? How do tech giants and governments design auctions to allocate online advertising space, telecommunications spectrum and emissions trading permits? In each case, part of the answer lies in modelling firm behaviour using game theory. It also explains what businesses, regulators and economists themselves can learn from poker’s game theory revolution. This article tells the story of how and why game theory entered the poker world. ![]() In recent years, poker has been revolutionised by applying insights from game theory, a standard tool in economics for modelling consumer and firm behaviour. ![]()
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