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¶ … Game Theory Work in Practice
Game theory is often described in terms of the prisoner's dilemma, where a captured prisoner must decide to confess or remain silent, even though he or she possesses imperfect information about his or her accomplice facing the same decision. As the article astutely points out, in the marketplace, the 'prisoners' in the real-life deployment of game theory are competitors in the same market. A certain amount of intuitive collaboration is required so that prices do not go too low in a price war, even though having lower prices can benefit an enterprise but all businesses operate with imperfect information. To 'win' the best feasible solution for one's side, a variety of scenarios must be assessed. Evaluating entry costs, exit costs, demand functions, revenue structures, and cost curves may all be critical in creating future, projected possibilities for the company, and decision-makers must choose the best of all projected futures based upon the likelihood of the different scenarios occurring.
One effective example used by the article is that of the airline industry, which demonstrates that both large and small companies can use game theory. A small company can slash prices and thus make crucial market inroads against major competitors, like Kiwi Airlines, or conversely a large company can make more effective use of economies of scale. Game theory is not equally useful to all industries, in general the larger the industry, the more difficult it is to create accurate scenarios, as eventually the variables that must be analyzed grow too complex and numerous. Also, the article suggests that more aggressively competitive industries, with high fixed costs, and only few 'big deals' will tend to benefit less from game theory, which may seem to somewhat undercut its statement that game theory is growing more useful today -- after all, in many industries, competition has grown even more fierce. But the consolidation of many markets, combined with the future uncertainty of how competitors and consumers will react to shifts in data seems to support the idea that game theory can be very useful to many businesses today when making crucial decisions.
Game Theory Why did Apartheid End? A Solution Developed from the Concept of Game Theory James Michener was a history professor at the University of Texas and a widely read chronicler of different periods of history. Michener was largely a novelist, but his novels were based on factual information that was peopled by fictional, but representative, main characters and some historical figures. In a book called "The Covenant," Michener detailed the history of
I would agree with this statement, since theory and practice, when applied to each other appropriately, inform each other and cannot in fact be separated into two distinct entities. It is vitally important to use theory for informing practice, while practice would further inform theory, making the statement that a good theory is, in fact, practically true. 5. Benedict Spinoza, a post-Cartesian philosopher in the 17th century, held ideas of which many
EDSE 600: History and Philosophy of Education / / 3.0 credits The class entitled, History and Philosophy of Education, focused on the origin of education and the "philosophical influences of modern educational theory and practice. Study of: philosophical developments in the Renaissance, Reformation, and revolutionary periods; social, cultural and ideological forces which have shaped educational policies in the United States; current debates on meeting the wide range of educational and social-emotional
autobiography of the author of this report. The remainder of the report will mostly focus on the four meta-paradigms of nursing. Of course, those meta-paradigms are patient, nurse, health and environment. The author will also offer two practice-specific concepts from the scholarly literature that can be applied to the career and environment of the author of this report. Next up will be a list of propositions that will number
The advantages of network use are apparent enough and from such an obvious position, it is interesting that there is an inadequacy in the understanding of the processes by which networks function. Thus, the article focuses on the role of network governance and its impact on network effectiveness. The authors demonstrate that network effectiveness while not entirely illusive is a difficult prospect. This phenomenon is multifaceted and multi-tiered and consequently
As Moore and Anderson emphasize, "Another driver is that distance education students have as much right to expect effective library services as traditional on-campus students. Therefore, services have been enhanced to ensure easy access and equitable delivery of resources and services" (p. 384). Clearly, then, although the mission of many university libraries to provide the resources and tools students need to achieve successful academic outcomes has not changed in substantive