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The paradigm of game theory and its application have aroused increasing interest among researchers in multidisciplinary settings. An information society involves more opportunities and uncertainties; therefore, game theory is expected more often than ever to provide insights into different types of issues of decision-making in economics, management, political science, psychology, and philosophy. A library and its administration, as an important market player in an information society, should have a better understanding about the nature of games and strategies as well. This article starts with a brief introduction to game theory, reviews selected literature, and emphasizes the application of game theory on a variety of subjects. The paper also suggests the potential areas in which libraries could benefit from adopting this approach.