Types of Games

In game theory, a game involves interdependence between adaptive agents, which is fundamentally different from decisions made by a single agent. Games aim to capture the dynamics between agents, who have their own goals, and are interdependent in affecting some joint outcome. Players, strategies, and payoffs are the three major components of games, and games can be represented in either a matrix form or as a tree graph. The normal form is a condensed form of the game in which players and their payoffs are associated with the axes of the matrix. The extensive form represents sequential games, which require players to look ahead and reason backwards.