Date of Publication :13th June 2019
Abstract: Waste management helps to evade undesirable short term and long-term effects of waste disposal. It must follow approved guidelines that take into considerations the social, environmental, and technical aspects of sustainability. Game theory is a developing science of strategy, or at least the optimal decision-making of independent decisions as it involves the study of human conflicts and cooperation within a competitive situation which often lack in other methods. The formal application of game theory requires knowledge of the details like identity of independent actors, their preferences, what they know, which strategic acts they are allowed to make, and how each decision influences the outcome of the game. Depending on the model, various other requirements or assumptions may be necessary. Stakeholders relevant to the problem scenario, their respective strategies, and parameters which influence their payoff are identified.. The payoffs of the game were calculated considering both direct cost and external cost. The game was played for a hypothetic scenario .Different games taking different combination of players were played. Best strategy for each player has been identified. In many cases coalition offered a better payoff. It has been found that a proper logical formulation of payoff is essential for reliable results
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