Game Theory studies strategic interactions between agents. In strategic games, agents choose strategies which will maximize their return, given the strategies the other agents choose.
The essential feature is that it provides a formal modeling approach to social situations in which decision makers interact with other agents.
Game theory has played, and continues to play a large role in the social sciences, and is now also used in many diverse academic fields. Beginning in the 1970s, game theory has been applied to animal behavior, including evolutionary theory.
Many games, especially the prisoner’s dilemma, are used to illustrate ideas in political science and ethics. Game theory has recently drawn attention from computer scientists because of its use in artificial intelligence and cybernetics.
Although some game theoretic analysis appear similar to decision theory, game theory studies decisions made in an environment in which players interact. In other words, game theory studies choice of optimal behavior when costs and benefits of each option depend upon the choices of other individuals.
But bear in mind that John Forbes, whose works on the theory were later applied to many social and political schemes was a schizophrenic.
“Liberty? Why, it doesn’t exist. There is no liberty in this world, just gilded cages.”
Aldous Huxley, Antic Hay, 1923