Game Theory - Week 5 Reflection

Game Theory - Week 5 Reflection - Game Theory Game theory...

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Game Theory
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Game theory is simply defined by Wikipedia as, “…attempts to mathematically capture behavior in strategic situations, or games, in which an individual’s success in making choices depends on the choices of others” . Game theory is meant to be used to determine what your opponent or competitor may be planning to do. You are able to do so by figuratively putting yourself in their place or as the old phrase would describe walking a mile in their shoes. The idea is that by being able to determine what your competitor would do you can either motivate them to do something more in line with what you would prefer or to be able to gain an advantage by preemptively announcing or doing what you expect your competitor to do. Confusing as it may seem done correctly it can improve a company’s value. As William Barnett from the Wall Street Journal states in his article Manager’s Journal: Making game theory work in practice , “Done right, game theory can turn conventional strategies on their heads and dramatically improve a company’s ability to create economic value. ... But for those
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Game Theory - Week 5 Reflection - Game Theory Game theory...

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