A sequential game is a type of game in game theory where players make decisions one after another, with each player having knowledge of the previous players' actions. This allows for strategic planning and foresight, as players can anticipate and react to the moves of others, often leading to the use of backward induction to determine optimal strategies.

Sequential Game

sequential game

Game theory is a mathematical framework used for analyzing strategic interactions where the outcome for each participant depends on the actions of all involved. It provides insights into competitive and cooperative behaviors in economics, politics, and beyond, helping to predict and explain decision-making processes in complex scenarios.

game theory

players' actions

Strategic planning is a systematic process for envisioning a desired future and translating this vision into broadly defined goals or objectives and a sequence of steps to achieve them. It involves setting priorities, focusing resources, and ensuring that employees and stakeholders are working toward common goals to improve organizational performance and adapt to changing environments.

strategic planning

Foresight is the ability to anticipate and prepare for future events by analyzing current trends and potential scenarios. It involves strategic thinking, planning, and the use of various methodologies to predict and influence future outcomes.

foresight

anticipate and react

moves of others

Backward induction is a method used in game theory and decision-making processes to determine the optimal strategy by analyzing the game from the end to the beginning. It involves breaking down a complex problem into simpler sub-problems and solving them in reverse order to ensure rational decision-making at every stage.

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