What are some real world examples of game theory?

Game theory is a mathematical framework used to analyze strategic interactions among rational decision-makers. Real-world examples include the Prisoner's Dilemma, where two criminals must decide whether to cooperate with each other or betray one another, showcasing how individual rationality can lead to suboptimal outcomes. Another example is the Tragedy of the Commons, where individuals overuse shared resources, resulting in depletion. Additionally, game theory applies to business strategies, such as competitive pricing and market entry decisions. For further exploration of these concepts and assistance with related assignments, consider Game Theory assignment help with BookMyEssay, where expert guidance is readily available.