Modeling the Emergence of Value and Risk in Game Theoretical Approaches

Game theory is largely about interactions of agents whose decisions affect each other. The combination of agents’ actions corresponds to outcomes, which may impact agents’ goals, either positively or negatively. The analysis of the probable consequences and expected utilities of all possible outcomes is fundamental to support agents when deciding whether to engage in a certain strategy. In this paper, we move in this direction by initiating the investigation of the ontological foundation of the emergence of value and risk from outcomes in game theoretical approaches. In order to understand the influence of these forces over outcomes, a precise and rigorous conceptualization, based on foundational ontologies, is needed. To this aim, we present and discuss here a preliminary ontological modeling of basic concepts of game theory, as well as the relation to value, risk and outcomes.