Game Theory - Revision history

Dirkjan at 19:55, 27 August 2020

2020-08-27T19:55:47Z

Dirkjan: Replaced content with "Game Theory Category:mbi Category:Decision Category:M7 Category:Methods Category:Quantitative Category:Term"

2020-08-27T19:18:52Z

Replaced content with "Game Theory Category:mbi Category:Decision Category:M7 Category:Methods Category:Quantitative Category:Term"

Dirkjan: Created page with "Game Theory is about the selection of a strategy given the likely conflict of interest between two or more decision makers. If the sum of gains and losses is '0' this is refer..."

2020-08-25T07:59:40Z

Created page with "Game Theory is about the selection of a strategy given the likely conflict of interest between two or more decision makers. If the sum of gains and losses is '0' this is refer..."

New page

Game Theory is about the selection of a strategy given the likely conflict of interest between two or more decision makers. If the sum of gains and losses is '0' this is referred to as a ''zero sum game''. Usually competition in a business context is not likely a zero sum game as advertisements and competition can increase the total market.

Game Theory studies the interaction when individuals are aware of their decisions of others.

The value of a game can increase by:

* Adding an extra buyer, see the[[Cellular phone case|Cellular phone case]]
* Adding a second (or third) supplier, see the Monsanto [[Nutrasweet case|Nutrasweet case]]
* ,see the [[Nintento case|Nintento case]]

Key learning points for game theory:
# Seek a dominant strategy:
## Always expect rivals to play a dominant strategy
# If no dominant strategy exists:
## Issue is whether to deny or signal relevant information
# Dynamic games of incomplete information
## Bring to the fore asymmetric information, signalling and learning;
# If rival signals a threat,
## Always believe if implementation is credible
# Credibility:
## Derives from rival's actions that suggest thread will be carried out.

Part of: [[M7-Quantitative Decision Methods-S5 - Game Theory|M7-Quantitative Decision Methods-S5 - Game Theory]]
See also: [[Game Theory Training Yale|Game Theory Training Yale]]
[[Category:mbi]]

[[Category:Decision]]

[[Category:M7]]

[[Category:Methods]]

[[Category:Quantitative]]

[[Category:Term]]

← Older revision		Revision as of 19:18, 27 August 2020
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−	Game Theory is about the selection of a strategy given the likely conflict of interest between two or more decision makers. If the sum of gains and losses is '0' this is referred to as a ''zero sum game''. Usually competition in a business context is not likely a zero sum game as advertisements and competition can increase the total market.	+	Game Theory
−
−	~~Game Theory studies the interaction when individuals are aware of their decisions of others.~~
−
−	~~The value of a game can increase by:~~
−
−	* Adding an extra buyer, see the[[Cellular phone case\|Cellular phone case]]
−	* Adding a second (or third) supplier, see the Monsanto [[Nutrasweet case\|Nutrasweet case]]
−	* ,see the [[Nintento case\|Nintento case]]
−
−
−	~~Key learning points for game theory:~~
−	~~# Seek a dominant strategy:~~
−	~~## Always expect rivals to play a dominant strategy~~
−	~~# If no dominant strategy exists:~~
−	~~## Issue is whether to deny or signal relevant information~~
−	~~# Dynamic games of incomplete information~~
−	~~## Bring to the fore asymmetric information, signalling and learning;~~
−	~~# If rival signals a threat,~~
−	~~## Always believe if implementation is credible~~
−	~~# Credibility:~~
−	~~## Derives from rival's actions that suggest thread will be carried out.~~
−
−
−	~~Part of: [[M7-Quantitative Decision Methods-S5 - Game Theory\|M7-Quantitative Decision Methods-S5 - Game Theory]]~~
−	~~See also: [[Game Theory Training Yale\|Game Theory Training Yale]]~~
	[[Category:mbi]]		[[Category:mbi]]

← Older revision		Revision as of 19:55, 27 August 2020
Line 1:		Line 1:
−	Game Theory	+	Game Theory is about the selection of a strategy given the likely conflict of interest between two or more decision makers. If the sum of gains and losses is '0' this is referred to as a ''zero sum game''. Usually competition in a business context is not likely a zero sum game as advertisements and competition can increase the total market.
		+
		+	Game Theory studies the interaction when individuals are aware of their decisions of others.
		+
		+	The value of a game can increase by:
		+
		+	* Adding an extra buyer, see the[[Cellular phone case\|Cellular phone case]]
		+	* Adding a second (or third) supplier, see the Monsanto [[Nutrasweet case\|Nutrasweet case]]
		+	* ,see the [[Nintento case\|Nintento case]]
		+
		+
		+	Key learning points for game theory:
		+	# Seek a dominant strategy:
		+	## Always expect rivals to play a dominant strategy
		+	# If no dominant strategy exists:
		+	## Issue is whether to deny or signal relevant information
		+	# Dynamic games of incomplete information
		+	## Bring to the fore asymmetric information, signalling and learning;
		+	# If rival signals a threat,
		+	## Always believe if implementation is credible
		+	# Credibility:
		+	## Derives from rival's actions that suggest thread will be carried out.
		+
		+
		+	Part of: [[M7-Quantitative Decision Methods-S5 - Game Theory\|M7-Quantitative Decision Methods-S5 - Game Theory]]
		+	See also: [[Game Theory Training Yale\|Game Theory Training Yale]]
	[[Category:mbi]]		[[Category:mbi]]