Free Essays on Game Theory to Get Inspired & Learn by Example

Acknowledgement

Thank you to all who helped me to complete this paper successfully; to all those who advised me, helped me to correct, and proofread the paper.
I would like to thank my professor for helping me to publish this paper. More importantly, I would like to thank my family for their assistance and encouragement during the time I was writing this paper.
I would like to thank my fellow students for their contribution to this paper. In addition, I would like to thank my publisher who helped me in choosing this paper and for his effort to publish it.

Abstract

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Management Decision Making

Management Decision Making

Introduction

Decision-making is a fact of life. The process can get complex in the business world when it has to be undertaken in uncertainty. This paper seeks to discuss three approaches, namely, the game theory, the qualitative comparative analysis and the fuss logic concepts that businesses can utilize in decision-making in this kind of condition. In addition, it will utilize the approaches to developing a model that can be utilized by BMG204 Logistics Solutions (BLS) limited to improve efficiency, reduce operating costs and increase its revenues in its transport business.

In business, politics and other different spheres Continue reading...

Introduction

The most fundamental question in business operations is the reasons for operation. As such, there prevails diversity in the operational reasons for an organization with majority of the pundits not laying forth clear cut descriptions. Some pundits assert market leadership while others denote building plausible customer relationship and effective management of risk. Nonetheless, the most fundamental and overarching theme among the diverse pundits is the concept of interactions in the operational facets of an organization. Interactions denote the organizational relationships with customers, suppliers and diverse business partners. Furthermore, the incorporation of information technology and e-business plays a pivotal role Continue reading...

Abstract

The paper focuses on the mathematic analysis of the interaction between different categories agents. The review entails the art of writing of the author in the incorporation of all aspect of the game theory. The article specializes in the dominant branch and it principal components. The non-cooperative game theory is a general term that tends to misrepresent due to the fact that it is not limited to the agent of varying conflict. In addition, the paper outlines the connection between different types of game theories. The methodologies applied by the author in the article are clearly indicated in the Continue reading...

The cooperative game theory as described in an article by Harald Wiese speaks to it being a power struggle between two players. It can work one of two ways. In one way, a player may force another to do something against their will. In another, one may benefit from something more than the other.
In terms of economics, cooperative game theory provides opportunities available to a group or coalition. The coalition determines a value or worth of something. Depending on whether the situation is social, political or economic, will determine the values that a coalition can acquire (Wiese). The Continue reading...

Abstract

The paper reveals the use of experimental approach with respect to cooperative game theory to test the axiomatic principles and normative perspective. The researcher classifies subjects as decision-makers and recipients, whereby the former are tested to make fair payoff decisions for the latter according to their worth. The researchers highlight that subjectivity impacts decision-making regarding monetary allocations. In addition, the research study provides basis for using cooperative game solutions in the areas of social choice and distributive justice theories.

Fairness through the lens of cooperative game theory: An experimental approach

Clippel and Rozen (2013, 1-3) have contributed an article on using an experimental approach for determining fairness through the lens Continue reading...

Abstract

Cooperative game theory is essentially diverse from the forms of games studied, which are referred to as non-cooperative games. In non-cooperative games, activities are engaged by distinct players, and the consequence of the game is designated by the act taken by every player, together with the graft that every player attains. In distinction, cooperative games reflect the set of mutual activities that any cluster of players can endorse. The result of a cooperative game is normally quantified by which cluster of players forms, besides the joint act that the cluster takes. These clusters of players are essentially referred as Continue reading...

Introduction

XXI century can be called the century of rapid penetration of mathematical methods in a variety of science, including the economy, computer science, management theory and management. Mathematics gives people the powerful methods of learning and understanding of the world, methods of research, both theoretical and purely practical problems.
At all times, mathematics was the undisputed cultural and practical significance, played an important role in the scientific, technological and economic development. Owning mathematics has always been a strategic resource of the nation. Currently, due to the increased role of mathematics, an unusually large number of future, economists, programmers, organizers Continue reading...

Game Theory and Strategic Behavior

Game theory is used in a competitive situation where an optimal decision needs to be made. This requires a strategy, which is the plan of action under the given circumstances (Camerer, 2010).If GE chooses to increase advertising so as to prevent MAYTAG from entering the market, it may succeed or fail in that strategy. MYTAG could also be considering the same and, in this case. If GE increases the advertising, MAYTAG gets little payoff since $0m<$1m thus it is not economical for MYTAG to enter the market. In this case, GE Company’s strategy works well, and Continue reading...

Market Power

It refers to the ability of a firm to profitably influence market prices by manipulating demand, supply or both, away from the competitive prices. It is effectively the power to make prices without suffering losses in demand or market share. I(n regulatory terms, market power is defined as the ability to withhold or sell less than a in a competitive market and/or change prices away from the competitive equilibrium level for a considerable time period. Market power is zero in a competitive market structure, but increases with the degree of market imperfection in the market structure, such that Continue reading...

In Liberalism Against Populism (1982), William Riker argued that democratic decision making was chaotic, arbitrary, meaningless and impossible. This was nothing new, various thinkers have been poking theoretical holes in democracy since before Plato’s Republic. Socrates thought democracy was cute, but “full of variety and disorder, and dispensing a sort of equality to equals and unequaled alike" (Plato 558). Voting – one of the essential foundations of a democracy - is problematic. In the late 1700’s, the Condorcet voting paradox only paved the way for Arrow's impossibility theorem (Arrow 2012). A variety of dangers, including mob rule, cycling, Continue reading...

The Undercover Economist by Tim Harford, The Financial Times columnist, is one of the best seller books about the economy written in popular nowadays “easy-to-understand” language. The person that lacks economic education can acquire the main ideas of the book. Harford uses simple language and a variety of life experience examples and interesting stories to support and explain major economic concepts and theories. The author considers the fundamental market principles in the light of daily routine which most people are familiar with. In such way he paints a picture of how the economic system actually works.
The book consists Continue reading...