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
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