Explain the concept of zero-sum games in game theory.

Explain the concept of zero-sum games in game theory.

In game theory, zero-sum games refer to situations where the total gains and losses of all participants sum up to zero. This means that any gain by one player is offset by an equal loss by another player. In other words, the total utility or payoff remains constant throughout the game. Zero-sum games are characterized by a competitive nature, where one player's success is directly linked to another player's failure. Examples of zero-sum games include poker, chess, and sports competitions.