Reflection 5 Douglas Silber

Reflection 5 Douglas Silber - Playing the Game Theory 1...

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Playing the Game Theory 1 Playing the Game Theory MBA540 Managerial Economics Douglas Silber April 17, 2011 Muleka Kikwebati Saint Leo University Playing the Game Theory
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2 Playing the Game Theory Written by F. William Barnett (1995), “Manager’s journal: Making game theory work in practice” is an article which discusses game theory and how it can be beneficial to managers. Although game theory has been around for many years, the theory has taken center stage in the business arena lately. Barnett (1995) states, “Its champions won the 1994 Nobel Prize in economics and it's been used to analyze everything from the baseball strike to auctions at the Federal Communication Commission.” (Manager’s journal, 1995, p. A14). Game theory allows managers to quickly and generally easily respond to changes in prices, products, and technologies. Barnett (1995) writes, “Game theory helps you pay attention to your interactions with competitors, customers and suppliers, and to focus on the end-game so that your near-term actions promote your long-term interest by influencing what these "players" do.” (Manager’s journal, 1995, p. A14). The author explains game theory with the use of two competitors, Ace and Smith.
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Reflection 5 Douglas Silber - Playing the Game Theory 1...

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