• KASHISH GUPTA
• KARTAVYA SURI
• MOHAK DOSHI
• MEHER TALATI
• MAHIKA BHANSALI

The mathematical analysis of situations with conflicts of interest is called game theory. (G.Owen, 2012) (Roy et al., n.d.). Additionally, it may be used to create rules such that regular game play results in a just conclusion (for example, assigning voting weights in a parliament where members represent constituencies of various sizes). It is a formal theory that assumes perfect reason, but it may also—and frequently—be utilised as a toolbox of idea techniques for research that assumes thin rationality. This category of applications in housing studies is presented and discussed in relation to four different societal levels: gender and generational relations in the household, problems with collective action in housing estates, local governance networks in urban renewal, and nested games over national housing regimes. A larger use of lightly rationalistic game models should be very beneficial for research into urban government, national housing regimes, and housing sustainability. Games can be classified as having complete or imperfect knowledge, as cooperative or noncooperative, as zero-sum or non-zero-sum games, and so on. The emphasis in noncooperative games is on finding tactics that are in equilibrium or that are, in some ways, beneficial.(McEachern, 2017) In cooperative games, the focus is placed on the negotiation and coalition-building process. The issue of learning is equally significant in games with missing information. Game theory often presupposes that the players are fully informed about the game they are playing, i.e., they are aware of the tactics that are accessible, the probabilities associated with random actions, and the reward functions. In reality, this isn't always the case. Theorists have so investigated scenarios in which players' subjective probability for the games they are playing are present. Aumann and Maschler have investigated the conundrum posed by a player who wants to use secret knowledge but worries that doing so would give it away to an adversary, as well as the conundrum faced by a player who wants to infer information from an adversary's movements.(GAME THEORY-NASH EQUILIBRIUM AND ITS APPLICATIONS, 2015a) Therefore, game theory cannot suggest an ideal course of action for a specific player without simultaneously supplying a means for that player to predict the choices of other players. To put it another way, game theory is concerned with defining the actions for all players, guaranteeing that each player's selected actions are optimum given the actions of other players, meaning that optimality is relative. As a result, it is frequently challenging to determine the optimum result from all participants' perspectives. Therefore, game theory's utility resides on its capacity to simulate player interaction. Such a model can rule out some options that could not otherwise be considered, as well as explain findings involving multiperson decision-making settings. (Burguillo, 2018)

Game Theory, Nash Equilibrium, Demand response, Competition, Conflict management, Prisoner’s dilemma

"Game Theory – A Systematic Literature Review", International Journal of Emerging Technologies and Innovative Research (www.jetir.org), ISSN:2349-5162, Vol.9, Issue 9, page no.d764-d778, September-2022, Available :http://www.jetir.org/papers/JETIR2209389.pdf

"Game Theory – A Systematic Literature Review", International Journal of Emerging Technologies and Innovative Research (www.jetir.org | UGC and issn Approved), ISSN:2349-5162, Vol.9, Issue 9, page no. ppd764-d778, September-2022, Available at : http://www.jetir.org/papers/JETIR2209389.pdf