I've heard of game theory, but I've never actually studied it in depth. The way I see it, game theory is as valid as any other theory..in short, not very. I understand that you can try to analyze and predict what people are going to do in certain situations, but that's all it will be..a prediction (perhaps more reliable than others..but still ultimately flawed). Game theory,I think, assumes that people will, more often than not..make a choice based on a limited amount of variables...or that it can somehow quantify all the variables that people will consider when making a decision..even those that are unconscious.
Can it actually "predict human behavior"? Or is it "just a guess...perhaps more accurate than other systems..but ultimately just as flawed as those systems?"
Can, or does, game theory quantify the human element?
If not, then why bother? Just for fun? For profit?
And..if enough people understood game theory..wouldn't it become invalid since if enough people are doing the same thing then they are in effect not thinking for themselves, and are therefore nothing than a (good) flawed system?