what distinguishes game theory from decision theory is that, in the latter,
outcomes only depend on the decisions of a single decision-maker, as seen in
Chapter 11 on investment analysis.
The normal-form representationof a game specifies theabovethreeelements.
Now that we have stated the key elements in games, an example of a game
can be presented, which will aid the ensuing discussion. The example is the
well-known Prisoner’s Dilemma (PD). The reasons for presenting this situation
here are twofold. First, although it does not directly involve a business
predicament, the situation can easily be changed to a business predicament,