[{"data":1,"prerenderedAt":347},["ShallowReactive",2],{"api/learn-center-post-en-fundamentals-of-game-theory":3,"footer-en":57,"learn/crypto-101/fundamentals-of-game-theory-en-seo":255,"navigation-en-learn-center":260,"api/learn-categories-en":308},{"seo":4,"locale":28,"breadcrumbs":29,"excerpt":37,"featuredImage":38,"components":39,"title":5,"formattedPublishedAt":50,"geofencings":51,"category":52,"pagination":54,"campaignExternalId":8},{"title":5,"metaTitle":6,"metaDescription":7,"keywords":8,"metaRobots":8,"structuredData":9,"metaImage":10,"metaSocial":18,"canonicalURL":8,"localizations":19},"What is game theory?","What is game theory? - Bitstamp Learn Center","What are the fundamentals of game theory? How are these used in cryptocurrency tokenomics? - Learn more on the Bitstamp Learn Center",null,{},{"url":11,"mime":12,"ext":13,"width":14,"height":15,"name":16,"alt":17},"bitstampImageUrl/Basics_fundamentals_of_game_theorypng_e9890928a7_cdc38fff33.png","image/png",".png",1920,1080,"Basics_fundamentals_of_game_theorypng_e9890928a7.png","",[],[20,23,26],{"pathname":21,"locale":22},"/en-gb/learn/crypto-101/fundamentals-of-game-theory/","en-GB",{"pathname":24,"locale":25},"/es/learn/crypto-101/fundamentals-of-game-theory/","es",{"pathname":27,"locale":28},"/learn/crypto-101/fundamentals-of-game-theory/","en",[30,34],{"id":31,"text":32,"url":31,"asUrl":33},"/learn/crypto-101/","Crypto 101",true,{"id":35,"text":5,"url":27,"asUrl":36},"fundamentals-of-game-theory",false,"\u003Cp>Game theory is a branch of mathematics that studies rational behavior in decision-making, where the outcome depends on every player’s choice.\u003C/p>\n",{"url":11,"mime":12,"ext":13,"width":14,"height":15,"name":16,"alt":17},[40],{"component":41,"props":42,"content":43,"secondaryContent":47,"ctas":48,"secondaryCtas":49,"ctasNoMarginTop":36},"section.full-text",{"centered":36,"withoutSectionContainer":36},{"text":44,"width":45,"align":46},"\u003Cp>Applied game theory attempts to either anticipate or influence the decisions of independent actors involved in any type of competitive context. There are many scenarios in everyday life where game theory applies, such as politics, economics, business, and technology, including in blockchain and cryptocurrencies.\u003C/p>\n\u003Cp>The concepts underpinning game theory are visible in a game like chess, where the move of one player can be influenced by the moves of their opponent; or even by the belief that the opponent will make a certain move.\u003C/p>\n\u003Cp>Game theory can also be seen during price negotiations between a buyer and a seller (like in real estate transactions). In these instances, a seller will pitch their starting offer at a level acceptable enough to attract buyers, who can either accept the offer or enter into a negotiation.\u003C/p>\n\u003Ch2>History and fundamentals of game theory\u003C/h2>\n\u003Cp>Game theory emerged as a discipline in the 1920s; however, the earliest work focused only on two-person, winner-takes-all scenarios, also known as zero-sum games (explained below). The development of game theory into more sophisticated modeling took off in the 1950s, partly thanks to the efforts of John Nash. Nash notably won the 1994 Nobel Prize for Economics for his work on the Nash equilibrium.\u003C/p>\n\u003Cp>The Nash equilibrium is the point in which the outcome of a game can no longer be decided by a player changing their strategy. Take, for example, a simple 2-person game in which the players can choose between winning $1 or losing $1, and neither player’s selection impacts the other’s outcome. In this case, both players will logically choose to win $1. Knowing the other’s strategy won’t change their choice.\u003C/p>\n\u003Cp>The Nash equilibrium, or simply equilibrium, is one of the terms commonly used in game theory. Other terms and elements in game theory are:\u003C/p>\n\u003Cul>\n\u003Cli>\u003Cstrong>Players\u003C/strong> – the decision-making actors in a game\u003C/li>\n\u003Cli>\u003Cstrong>Actions\u003C/strong> – the choices available to the players\u003C/li>\n\u003Cli>\u003Cstrong>Information\u003C/strong> – the knowledge available to players while making their decisions\u003C/li>\n\u003Cli>\u003Cstrong>Strategy\u003C/strong> – the plan or rules created by a player to direct their decision-making process\u003C/li>\n\u003Cli>\u003Cstrong>Outcomes\u003C/strong> – the results that unfold as decisions are made and the game progresses\u003C/li>\n\u003Cli>\u003Cstrong>Payoffs\u003C/strong> – the incentives sought by players\u003C/li>\n\u003C/ul>\n\u003Ch3>The prisoner’s dilemma\u003C/h3>\n\u003Cp>Devised in the 1950s, the prisoner’s dilemma is one of the most well-used examples to illustrate game theory.\u003C/p>\n\u003Cp>In this scenario, two people imprisoned for the same crime are faced with a choice – stay quiet about what happened or betray their partner in crime. Importantly, neither offender can communicate with the other. The offenders are faced with three potential results:\u003C/p>\n\u003Col>\n\u003Cli>\u003Cstrong>Both offenders remain quiet\u003C/strong>: Both will receive a one-year sentence in the absence of any other evidence.\u003C/li>\n\u003Cli>\u003Cstrong>One offender betrays the other\u003C/strong>: Betrayer will walk free while their partner is sentenced to ten years.\u003C/li>\n\u003Cli>\u003Cstrong>Both offenders betray each other\u003C/strong>: Both will each receive a five-year sentence.\u003C/li>\n\u003C/ol>\n\u003Cp>This dilemma illustrates how the prosecutors have set up the rules of the game to optimize a Nash equilibrium in their favor. Regardless of the other prisoner’s actions, the best option for each prisoner is to betray the other. If the other prisoner remains silent, the betrayer walks free. If the other prisoner also betrays, they both receive only five years instead of receiving ten years by remaining quiet.\u003C/p>\n\u003Ch2>Types of games in game theory\u003C/h2>\n\u003Ch3>Cooperative and non-cooperative games\u003C/h3>\n\u003Cp>A non-cooperative game is a competition-based game between players. Cooperative games include elements of cooperation between players, for instance, by working in teams to achieve outcomes, as in football or basketball.\u003C/p>\n\u003Cp>Game theory in non-cooperative games examines how opposing players will make decisions towards their own goals. Game theory in cooperative games could predict how alliances may form, which strategies a team may use, or how payoffs are allocated between players.\u003C/p>\n\u003Ch3>Zero-sum and non-zero-sum games\u003C/h3>\n\u003Cp>Zero-sum games assume that for each winner, there is a corresponding loser. Football is a cooperative game, but a football tournament is a zero-sum game where only one team takes the prize.\u003C/p>\n\u003Cp>Conversely, a non-zero-sum game does not assume a straightforward balance of wins and losses but multiple outcomes with different payoffs for players. The prisoner’s dilemma is one example of a non-zero-sum game, where multiple outcomes are possible with varying payoffs for both prisoners.\u003C/p>\n\u003Cp>Game theory in zero-sum games is relatively simple, as there are only two outcomes – wins or losses. Game theory in non-zero-sum games can be substantially more complex, involving modeling of many different outcomes.\u003C/p>\n\u003Ch3>Simultaneous move versus sequential games\u003C/h3>\n\u003Cp>Some games require players to make their moves simultaneously, whereas others involve moves that take place in a sequence.\u003C/p>\n\u003Cp>Typically, negotiations take place sequentially, as each party puts forth its counteroffer based on the last move of their opponent. However, when two startups launch a comparable new product at the same time, they are engaged in a simultaneous move game.\u003C/p>\n\u003Cp>Applying game theory to sequential games is done in stages as each player makes their move, creating a new outcome. In contrast, applying game theory to simultaneous games uses a matrix to model the available outcomes.\u003C/p>\n\u003Ch2>How game theory is used in blockchain and cryptocurrencies\u003C/h2>\n\u003Cp>Many elements of game theory are used in the development of blockchain platforms, \u003Ca href=\"/learn/crypto-101/what-are-decentralized-applications-dapps/\">decentralized applications (dapps)\u003C/a>, and tokens as a way of incentivizing good behavior and in some cases, penalizing bad actors.\u003C/p>\n\u003Ch3>Game theory in blockchain consensus\u003C/h3>\n\u003Cp>Blockchain platforms rely on decentralized, widely distributed networks of node operators to maintain pristine ledgers of transactions. Therefore, they’re designed to ensure that node operators don’t attempt to launch an \u003Ca href=\"/learn/security/what-is-a-51-percent-attack/\">attack\u003C/a> to steal funds.\u003C/p>\n\u003Cp>Consensus methods like \u003Ca href=\"/learn/crypto-101/what-is-proof-of-work-pow/\">proof of work\u003C/a> (PoW) and \u003Ca href=\"/learn/crypto-101/what-is-proof-of-stake-pos/\">proof of stake\u003C/a> (PoS) incorporate game theory, requiring nodes to make a relatively large up-front investment in computing power and energy consumption for PoW systems or a minimum stake to participate in PoS ones. In return, they typically receive a portion of the block rewards based on their contribution. However, if they act maliciously, they risk losing a portion (or all) of their investment.\u003C/p>\n\u003Cp>The rules of the protocol may vary, but they’re always constructed in such a way that the most rational actions by network participants are those that serve the network.\u003C/p>\n\u003Ch3>Game theory in DeFi\u003C/h3>\n\u003Cp>Decentralized Finance (\u003Ca href=\"/learn/web3/what-is-decentralized-finance-defi/\">DeFi\u003C/a>) protocols, such as \u003Ca href=\"/learn/web3/what-is-decentralized-lending-and-borrowing/\">lending protocols\u003C/a> and \u003Ca href=\"/learn/web3/what-is-a-decentralized-exchange-dex/\">decentralized exchanges\u003C/a>, deploy game theory to attract users and liquidity.\u003C/p>\n\u003Cp>With a lending platform like \u003Ca href=\"/learn/cryptocurrency-guide/what-is-aave/\">Aave\u003C/a> or Compound, the players include:\u003C/p>\n\u003Cul>\n\u003Cli>\u003Cstrong>Liquidity providers\u003C/strong> – seek the payoff of rewards for staking their tokens in lending pools\u003C/li>\n\u003Cli>\u003Cstrong>Borrowers\u003C/strong> – take out loans at the lowest possible interest rates\u003C/li>\n\u003Cli>\u003Cstrong>Project team\u003C/strong> – Design the system that balances the payoffs for liquidity providers and borrowers alike.\u003C/li>\n\u003C/ul>\n\u003Ch3>Game theory in tokenomics\u003C/h3>\n\u003Cp>It is common practice for token issuers to design their tokenomic models using the principles of game theory.\u003C/p>\n\u003Cp>For instance, tokens allocated to founders or team members in the early stages of a project are often subject to a lockup period during which they can’t be sold. This prevents a mass selling of the tokens onto the market when the token initially launches on an exchange, during which time the value is typically high.\u003C/p>\n\u003Cp>Similarly, many projects allocate tokens using initiatives such as \u003Ca href=\"/learn/crypto-101/what-are-airdrops-in-crypto/\">airdrops\u003C/a> as a way of incentivizing players to use their projects – in other words, creating a payoff for players.\u003C/p>\n\u003Ch2>Game theory essentials\u003C/h2>\n\u003Cul>\n\u003Cli>Game theory is a branch of theoretical math that examines logical decision-making and attempts to predict or influence outcomes.\u003C/li>\n\u003Cli>Game theory is a relatively new discipline but has broad applications in business, economics, politics, and other sectors.\u003C/li>\n\u003Cli>Elements of game theory that enforce or incentivize good behavior by paying rewards or imposing penalties are visible in the design of blockchain platforms, applications, and tokenomics.\u003C/li>\n\u003C/ul>\n","full","left",{"text":17},[],[],"March 5th, 2023",{},{"title":32,"url":31,"geofencings":53},{},{"previous":55,"next":56},"/learn/crypto-101/what-is-erc20/","/learn/crypto-101/what-is-mica-and-what-does-it-bring/",{"ready":33,"sections":58,"disclaimer":253,"copyright":254},[59,102,130,153,190,209],{"title":60,"content":17,"items":61},"About",[62,67,72,77,82,87,92,97],{"noFollow":33,"isExternal":36,"name":63,"value":64,"isEmail":36,"isPhoneNumber":36,"isText":36,"showOnDesktop":33,"showOnMobile":33,"attachment":65,"geofencings":66},"Who We Are","/about-us/",{},{},{"noFollow":33,"isExternal":33,"name":68,"value":69,"isEmail":36,"isPhoneNumber":36,"isText":36,"showOnDesktop":33,"showOnMobile":33,"attachment":70,"geofencings":71},"Careers","https://careers.robinhood.com/",{},{},{"noFollow":33,"isExternal":36,"name":73,"value":74,"isEmail":36,"isPhoneNumber":36,"isText":36,"showOnDesktop":33,"showOnMobile":33,"attachment":75,"geofencings":76},"Legal & 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Network","/lightning-network-node/",{},{},{"noFollow":36,"isExternal":36,"name":186,"value":187,"isEmail":36,"isPhoneNumber":36,"isText":36,"showOnDesktop":33,"showOnMobile":33,"attachment":188,"geofencings":189},"Market Details","/market-details/",{},{},{"title":191,"content":17,"items":192},"Address",[193,197,201,205],{"noFollow":36,"isExternal":36,"name":194,"value":17,"isEmail":36,"isPhoneNumber":36,"isText":33,"showOnDesktop":33,"showOnMobile":33,"attachment":195,"geofencings":196},"Bitstamp Ltd",{},{},{"noFollow":36,"isExternal":36,"name":198,"value":17,"isEmail":36,"isPhoneNumber":36,"isText":33,"showOnDesktop":33,"showOnMobile":33,"attachment":199,"geofencings":200},"5 New Street Square",{},{},{"noFollow":36,"isExternal":36,"name":202,"value":17,"isEmail":36,"isPhoneNumber":36,"isText":33,"showOnDesktop":33,"showOnMobile":33,"attachment":203,"geofencings":204},"London, EC4A 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support","/customer-support/",{},{},{"noFollow":36,"isExternal":36,"name":218,"value":218,"isEmail":33,"isPhoneNumber":36,"isText":36,"showOnDesktop":33,"showOnMobile":33,"attachment":219,"geofencings":220},"info@bitstamp.net",{},{},{"noFollow":36,"isExternal":36,"name":222,"value":222,"isEmail":33,"isPhoneNumber":36,"isText":36,"showOnDesktop":33,"showOnMobile":33,"attachment":223,"geofencings":224},"press@bitstamp.net",{},{},{"noFollow":36,"isExternal":36,"name":226,"value":226,"isEmail":33,"isPhoneNumber":36,"isText":36,"showOnDesktop":33,"showOnMobile":33,"attachment":227,"geofencings":228},"support@bitstamp.net",{},{},{"noFollow":36,"isExternal":36,"name":230,"value":230,"isEmail":33,"isPhoneNumber":36,"isText":36,"showOnDesktop":33,"showOnMobile":33,"attachment":231,"geofencings":232},"complaints@bitstamp.net",{},{},{"noFollow":36,"isExternal":36,"name":234,"value":235,"isEmail":36,"isPhoneNumber":33,"isText":36,"showOnDesktop":33,"showOnMobile":33,"attachment":236,"geofencings":237},"+44 20 3868 9628","+442038689628",{},{},{"noFollow":36,"isExternal":36,"name":239,"value":240,"isEmail":36,"isPhoneNumber":33,"isText":36,"showOnDesktop":33,"showOnMobile":33,"attachment":241,"geofencings":242},"+1 800 712 5702","+18007125702",{},{},{"noFollow":36,"isExternal":36,"name":244,"value":245,"isEmail":36,"isPhoneNumber":33,"isText":36,"showOnDesktop":33,"showOnMobile":33,"attachment":246,"geofencings":247},"+352 20 88 10 96","+35220881096",{},{},{"noFollow":36,"isExternal":36,"name":249,"value":250,"isEmail":36,"isPhoneNumber":33,"isText":36,"showOnDesktop":33,"showOnMobile":33,"attachment":251,"geofencings":252},"+65 3105 1676","+6531051676",{},{},"\u003Cp>Please read the general \u003Ca href=\"/legal/risk-warning/\" target=\"_blank\" rel=\"noopener noreferrer nofollow\">Risk Warning\u003C/a>, and \u003Ca href=\"/legal/uk-investment-risk-warning/\" target=\"_blank\" rel=\"noopener noreferrer nofollow\">Risk Summary\u003C/a> for UK residents before investing in crypto-assets. \u003C/p>\n\u003Cp>Crypto-assets services are provided by the following Bitstamp legal entities depending on client residency: (1) Bitstamp Europe S.A., which is authorized by the Commission de Surveillance du Secteur Financier (CSSF) in Luxembourg as a payment institution (licence number Z00000012) and crypto-asset service provider (licence number N00000003); Registered address: 40, avenue Monterey, L-2163 Luxembourg, Grand Duchy of Luxembourg; Registration number: B196856; (2) Bitstamp UK Ltd., which is registered with the Financial Conduct Authority (FCA) in the UK for the provision of certain cryptoassets activities under the Money Laundering Regulations (Firm Reference Number 978690); Registered address: 5 New Street Square, EC4A 3TW London, United Kingdom; Registration number: 14174243; (3) Bitstamp Ltd.with its registered address at 5 New Street Square, EC4A 3TW London, United Kingdom and registration number: 8157033; (4) Bitstamp Global Ltd., which is registered as a Virtual Asset Service Provider in the British Virgin Islands and is supervised by the British Virgin Islands Financial Services Commission (FSC); Registered address: Floor 4, Banco Popular Building, Road Town, Tortola VG1110, British Virgin Islands; Registered number: 2086429; and (5) Bitstamp Asia Pte Ltd, which is authorized by the Monetary Authority of Singapore (MAS) as a major payment institution (licence number PS20200667); Registered address: 63 Chulia Street, OCBC Centre East, #15-01, Singapore 049514; Registered number: 202016687K;\u003C/p>\n\u003Cp>Virtual currency services to US residents are provided by Bitstamp USA, Inc., which is licensed to engage in virtual currency business activity by the New York State Department of Financial Services. Licensed as a Money Transmitter by the New York State Department of Financial Services. Review a \u003Ca href=\"/legal/usa-inc/\" target=\"_blank\" rel=\"noopener noreferrer nofollow\">list of its licenses and other registrations\u003C/a> (NMLS number \u003Ca href=\"https://www.nmlsconsumeraccess.org/EntityDetails.aspx/COMPANY/1905429\" target=\"_blank\" rel=\"noopener noreferrer nofollow\">1905429\u003C/a>) for more information; Registered address: 85 Willow Road, Menlo Park, CA 94025, United States of America; Registered number: 5481543.\u003C/p>\n\u003Cp>Investment services with regards to trading in crypto derivatives are provided by Bitstamp Financial Services Ltd., which is authorized and supervised by the Slovenian Securities Market Agency (ATVP) as a MiFiD investment firm. Trading crypto derivatives carries significant risks and may result in substantial losses. Please trade responsibly and ensure you understand the associated risks. You can find more about the risks \u003Ca href=\"/legal/financial-services/general-terms-and-conditions/\" target=\"_blank\" rel=\"noopener noreferrer nofollow\">here\u003C/a>. To help you understand the risks involved we have put together a series of \u003Ca href=\"/derivatives/key-information-documents/\" target=\"_blank\" rel=\"noopener noreferrer\">Key Information Documents (KIDs)\u003C/a> highlighting the risks and rewards related to each derivatives contract. Crypto derivatives trading is not available to customers in the US, Canada, Japan and some other countries. Bitstamp Financial Services Ltd. does not provide crypto-asset services.\u003C/p>\n\u003Cp>To find out more about which Bitstamp entity you receive services from, please check the Profile/My information in your Bitstamp account. You can read more about our legal terms, policies and disclosures \u003Ca href=\"/legal/\" target=\"_blank\" rel=\"noopener noreferrer nofollow\">here\u003C/a>.\u003C/p>\n","\u003Cp>All rights reserved © 2026 Bitstamp by Robinhood. \u003Ca href=\"https://www.nmlsconsumeraccess.org/EntityDetails.aspx/COMPANY/1905429\" target=\"_blank\" rel=\"noopener noreferrer nofollow\">NMLS #1905429\u003C/a>\u003C/p>\n",{"description":7,"ogDescription":7,"ogImage":256,"twitterImage":256,"twitterSite":257,"twitterCreator":257,"twitterCard":258,"twitterTitle":6,"twitterDescription":7,"titleTemplate":259},"https://assets.bitstamp.net/msc/_ipx/enlarge_true&f_png&fit_cover&q_85&s_1200x630/bitstampImageUrl/Basics_fundamentals_of_game_theorypng_e9890928a7_cdc38fff33.png","@Bitstamp","summary_large_image","%s",{"items":261,"ready":33,"platformButtonText":304,"backButtonText":305,"logInButtonText":306,"signUpButtonText":307},[262,266,270,273,276,279,282,287,290,295,300],{"headerName":263,"sidemenuName":134,"url":135,"noFollow":36,"showInHeader":33,"showInSidemenu":33,"geofencings":264,"submenu":265,"tag":17},"Institutions",{},[],{"headerName":126,"sidemenuName":126,"url":127,"noFollow":36,"showInHeader":33,"showInSidemenu":33,"geofencings":267,"submenu":268,"tag":269},{},[],"NEW",{"headerName":149,"sidemenuName":149,"url":150,"noFollow":36,"showInHeader":33,"showInSidemenu":33,"geofencings":271,"submenu":272,"tag":17},{},[],{"headerName":106,"sidemenuName":106,"url":107,"noFollow":36,"showInHeader":33,"showInSidemenu":33,"geofencings":274,"submenu":275,"tag":17},{},[],{"headerName":116,"sidemenuName":116,"url":117,"noFollow":36,"showInHeader":33,"showInSidemenu":33,"geofencings":277,"submenu":278,"tag":17},{},[],{"headerName":121,"sidemenuName":121,"url":122,"noFollow":36,"showInHeader":33,"showInSidemenu":33,"geofencings":280,"submenu":281,"tag":17},{"geofencing-uk":33},[],{"headerName":283,"sidemenuName":283,"url":284,"noFollow":36,"showInHeader":33,"showInSidemenu":33,"geofencings":285,"submenu":286,"tag":17},"Markets","/markets/",{},[],{"headerName":111,"sidemenuName":111,"url":112,"noFollow":36,"showInHeader":33,"showInSidemenu":33,"geofencings":288,"submenu":289,"tag":17},{},[],{"headerName":291,"sidemenuName":291,"url":292,"noFollow":36,"showInHeader":33,"showInSidemenu":33,"geofencings":293,"submenu":294,"tag":17},"Blog","https://blog.bitstamp.net/",{},[],{"headerName":296,"sidemenuName":296,"url":297,"noFollow":36,"showInHeader":33,"showInSidemenu":33,"geofencings":298,"submenu":299,"tag":17},"Learn","/learn/",{},[],{"headerName":301,"sidemenuName":301,"url":107,"noFollow":36,"showInHeader":36,"showInSidemenu":33,"geofencings":302,"submenu":303,"tag":17},"Get Bitstamp by Robinhood app",{},[],"Go to platform","Back","Log in","Get started",[309,313,317,319,323,327,331,335,339,343],{"title":310,"url":311,"geofencings":312},"Blockchain technology","/learn/blockchain/",{},{"title":314,"url":315,"geofencings":316},"Company profiles","/learn/company-profiles/",{},{"title":32,"url":31,"geofencings":318},{},{"title":320,"url":321,"geofencings":322},"Crypto definitions","/learn/crypto-definitions/",{},{"title":324,"url":325,"geofencings":326},"Crypto trading","/learn/crypto-trading/",{},{"title":328,"url":329,"geofencings":330},"Cryptocurrency guide","/learn/cryptocurrency-guide/",{"geofencing-uk":33},{"title":332,"url":333,"geofencings":334},"People profiles","/learn/people-profiles/",{},{"title":336,"url":337,"geofencings":338},"Security","/learn/security/",{},{"title":340,"url":341,"geofencings":342},"Tutorials","/learn/bitstamp-tutorials/",{},{"title":344,"url":345,"geofencings":346},"Web3","/learn/web3/",{},1776943601397]