I love game theory. I wish more game designers did. When one stops and really thinks about what makes games fun and then takes those elements to build a unique product, gamers become very happy.
I’ve pieced together some in-depth looks at game theory for your reading pleasure.
Raph Koster (of Ultima Onine fame) has composed A Theory of Fun for Game Design. It is well worth checking out if you have an interest in the how and why of game design. You can also check out an early comic form of the book (4.7Mb pdf).
For a more down-to-earth look at fun gameplay elements, Ars Technica’s board has a neat thread with a discussion on what makes a game fun. You’ll notice that graphics quality doesn’t come up much 😉
If you would like even MORE information on game theory, “Google is your friend“.