Game Theory
Game theory is a highly influential theory in business, economics and politics. The concept explains the origins of game theory and the key ideas behind the theory and uses case studies from across different industries and sectors to illustrate how game theory has been used in practice.
Technique Overview
Game Theory Definition
Game theory is the formal study of decision-making in which several players must make choices that potentially affect the interests of other players. As a decision-making tool, game theory can explain and predict an outcome under a set of decision-making rules. It can be used to assess how firms dominate markets, countries make an agreement on trade policy, parties negotiate about wages, or governments deregulate markets and privatise companies (Turocy and von Stengel, 2002).
Game Theory Description *
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Business Evidence
Strengths, weaknesses and examples of Game Theory *
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Business Application
Implementation, success factors and measures of Game Theory *
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Professional Tools
Game Theory videos and downloads *
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Further Reading
Game Theory web and print resources *
Game Theory references (4 of up to 20) *
- Anderhub, V., Engelmann, D., & Güth, W. (2002). An experimental study of the repeated trust game with incomplete information. Journal of Economic Behavior & Organization, Vol. 48(2), pp. 197-216.
- Brandenburger, A., and Nalebuff, B. J. (1995) The Right Game: Use Game theory to Shape Strategy. Harvard Business Review, Vol.73(4), pp 57-71.
- Bronson, R. and Naadimuthu, G. (1997) Schaum's outlines of theory and problems of operations research. 2nd Ed. McGraw Hill.
- Bloomberg (2010) Loveman plays 'purely empirical' game as Harrah's CEO. Aug 6.
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