Applying game theory to businesses
I appreciate your insight into game theory concepts and how player dynamics within the sports team play an important role in developing an ideal outcome. You bring up the crucial points on how people attempt to cheat the system and reward it. Players in different games tend to choose whether to trust each other without knowing the other players. Decisions made during the game theory should include all the players who are involved. I agree with your precautions on how the players should be more aware of what the doctor who was working on the performance-enhancing drugs was doing, but with no transparency to the players, the outcome remains the same. Involving the players gives them a choice of whether to use this strategy or not (Demuth,2013). In my opinion, transparency between the players ensures that the players analyze all the risks present and develop an optimal strategy.
I like how you articulate your views on the game of theory concept. Your arguments show a deep understanding of the topic. Every opponent in the game has equal opportunities, and they both steer it to their preferred outcome by standing firm in their position (Froeb, McCann, Shor &Ward,2018). The choices and strategies each player makes are similar to our intentions (Demuth,2013). I agree with your argument that no player has the power to dictate the outcome, and nobody needs to be held responsible for the choices made. Indeed, reopening schools at the beginning of the football season during this COVID-19 pandemic requires many negotiations and decision-making processes. In my opinion, having a great strategy where all the players agree gives a better outcome. Better outcomes are achieved if players listen to the concern of others and come up with ways of cooperation and compromise.
Dmuth, A. (2013). Game Theory and the Problem of Decision Making.Edition Cognitive Studies.
Froeb, L. M., McCann, B. T., Shor, M., & Ward, M. R. (2018). Managerial economics: A problem-solving approach (5th ed.). Cengage Learning. ISBN-13: 9781337106665
In actuality, the competition became quite stiff between various sales staff as it was the sales leaders in each category that were to receive bonuses, rather then incentives being given to all staff that reached certain targets. This meant that it was in each sales person's best individual interests to hinder sales from others and compete for certain specific sales. The ultimate result was a more embittered workforce and a
The absence of a dominant strategy allows for the existence of a point where each player takes up a strategy that maximizes his or her outcome given the other player's options. This is what is known as the Nash equilibrium. At this point, the players take up their own individual choices and cannot improve their outcome given that the prevailing circumstances. Satisfaction of the Nash equilibrium follows from rational
Game theory is a critical form of decision making that is used in various subjects like economy and political science. Its relevance is becoming prominent in the success rates that have come out in gambling and sports betting. The theory is basically an amalgamation of different models of cooperation and conflict between various decision makers (Myerson, 1991) Thus, it can be safely stated that the theory itself is not just
Economics Game Theory Game theory is a model that can be used to examine and explain the way that different actors in a given situation may choose to act and develop strategy, using a mathematic approach. The model looks at how players will make decisions which will be based on both the firms own position and resources as well as the way their competitors are or are expected to act. Game theory
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To run a business profitably, especially in the modern times where business is dome at the speed of thought, achieving business stability and growth can be made possible by setting goals that have to be achieved and using the proper tools and methods. (Elkin, 1998) Enhancing the business can be achieved by reaching the predetermined point where the investments match the output and there is a situation where the