Game Theory

French mathematician Emile Borel announced game theory in 1921, but this philosophy came into the limelight with the Theory of Games and Economic Behavior (1944) by the mathematician John Von Neumann and the economist Osker Morgenstern. Game theory mathematically analyses a situation marked by interactions that involve decision-making among multiple bodies; the agents who make decisions consist of individuals, organisations, companies and nations (etc.). An agent is a unit capable of making a single unified decision.

Game theory has been applied to a wide range of matters shared by many academic disciplines. Since the 1960s, game theory has also been implemented in the study of management planning and management strategies in business administration. Since at least the 1990s, this theory has often been incorporated into competitive strategies; for example, Brandenburger and Nalebuff (1995) created a theory of strategic management based on game theory.

One article in 1965 mentioned game theory, but otherwise game theory has rarely been referred to since (Fig. 3.4). However, it has been applied to library management several times. Due to the impact of game theory being integrated into management strategy theory, in the 2000s it was mentioned 11 times, thus showing that this management theory is once again drawing attention. However, with only 16 articles in total mentioning this theory, the author has omitted the chart.

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