Explain the concept of sequential games in game theory.

Sequential games involve players making decisions in a specific order, based on the actions of previous players.

In a sequential game, players take turns to make decisions, with each player's decision affecting the options available to subsequent players. This means that players must consider not only their own preferences and strategies, but also the likely responses of other players.

One common example of a sequential game is the game of chess. In chess, each player takes turns to move their pieces, with each move affecting the options available to the other player. Players must consider not only their own moves, but also the likely responses of their opponent.

Another example of a sequential game is the game of poker. In poker, players take turns to bet, with each bet affecting the options available to subsequent players. Players must consider not only their own cards and betting strategy, but also the likely cards and betting strategy of their opponents.

To analyse sequential games, game theorists use a variety of tools and techniques, including decision trees, backward induction, and subgame perfect equilibrium. These tools allow players to identify the optimal strategies for each player, given the actions of previous players.