Basic Concepts in Game Theory

The manual describes the main sections of game theory, the basic concepts of the theory of economic risks and the conceptual framework for modeling the process of making managerial decisions in the economy based on the combined application of statistical and antagonistic games. Antagonistic games (AG) are the finite games of two persons with zero sum, i.e. matrix games, with classical antagonistic games called AG, given by completely known matrices, and neoclassical antagonistic games – AG, given by partially known matrices. The manual is intended primarily for masters who study in the direction of training "business information". However, it will be useful for students and postgraduates studying in large groups of areas of training "Economics and Management", "Mathematics and Mechanics", "Management in Technical Systems", as well as scientific and pedagogical workers specializing in the field of the theory of games, risk managers , managers and economists-practitioners.

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Research: Game Theory: Mathematical Models Provide Insights into Hospitality Industry Phenomena

Journal of Hospitality & Tourism Research ◽

10.1177/109634809702100106 ◽

1997 ◽

Vol 21 (1) ◽

pp. 48-70 ◽

Cited By ~ 2

Author(s):

Zvi Schwartz

Keyword(s):

Game Theory ◽

Mergers And Acquisitions ◽

Product Differentiation ◽

Economic Activity ◽

Information Structure ◽

Hospitality Industry ◽

Essential Elements ◽

Mixed Strategies ◽

Industry Research ◽

Basic Concepts

Game theory is a mathematical modeling tool that considers the interaction among participants in economic activity. This article introduces some of the basic concepts of game theory, and demonstrates its applicability to hospitality industry research. The paper discusses essential elements of a game such as players, actions, strategies, payoffs and equilibria. The author explains how the information structure of a game determines its outcome, and examines the solution concepts of Nash Equilibrium in a simultaneous game. The Leader-Follower game and the concept of mixed strategies are also introduced. The study identifies topics currently discussed in the hospitality literature that are likely to benefit from this methodology. The discussion covers themes such as product differentiation and room rate policies, reputation and service quality, mergers and acquisitions and franchising.

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Basic Concepts for Game Theory

Game Theory ◽

10.4018/978-1-5225-2594-3.ch010 ◽

2017 ◽

pp. 220-243 ◽

Cited By ~ 1

Author(s):

Sungwook Kim

Keyword(s):

Game Theory ◽

Conflict Resolution ◽

Real World ◽

Analytical Models ◽

Von Neumann ◽

Scientific Disciplines ◽

The Social ◽

Basic Concepts ◽

Fundamental Theorems ◽

Mathematical Construct

Game theory has been variously described as the science of strategy or that of conflict resolution. At its core, it has the characteristics of a mathematical construct: a clear set of concepts and assumptions, fundamental theorems, and applications to real world issues. The fact that the issues in question are mostly the domains of the social sciences, however, places game theory in a peculiar position compared to other mathematical and scientific disciplines. Following von Neumann and Morgenstern's book, it is customary to analyze what we call game situations by using parlor games—already existing ones or ones specially constructed for this very purpose—as analytical models. This chapter does this.

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The Argument

Jane Austen, Game Theorist ◽

10.23943/princeton/9780691162447.003.0001 ◽

2014 ◽

Author(s):

Michael Suk-Young Chwe

Keyword(s):

Game Theory ◽

African American ◽

Civil Rights ◽

Civil Rights Movement ◽

Strategic Thinking ◽

Practical Advantage ◽

The Core ◽

Basic Concepts ◽

The U.S

This book examines the connection between Jane Austen's fiction and game theory. It argues that Austen systematically explored the core ideas of game theory in her six novels some two centuries ago. It investigates Austen's basic concepts of choice and preferences as well as her views on strategic thinking. Given the breadth and ambition of her discussion, the book asserts that Austen's explicit intention is to explore strategic thinking, theoretically and not just for practical advantage. It also considers how the strategic legacy of African American folktales influenced the tactics of the U.S. civil rights movement and the ways that “folk game theory” expertly analyzed strategic situations long before game theory became an academic specialty. Finally, it looks at Austen's particular advances in a topic not yet taken up by modern game theory: the conspicuous absence of strategic thinking, or “cluelessness.”

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John von Neumann's Contribution to Modern Game Theory

Acta Oeconomica ◽

10.1556/aoecon.54.2004.1.5 ◽

2004 ◽

Vol 54 (1) ◽

pp. 73-84 ◽

Cited By ~ 1

Author(s):

Ferenc Forgó

Keyword(s):

Game Theory ◽

Cooperative Games ◽

Minimax Theorem ◽

Stable Set ◽

Zero Sum Games ◽

Side Payments ◽

Basic Concepts ◽

Definition Of ◽

Zero Sum ◽

Abstract Games

The paper gives a brief account of von Neumann's contribution to the foundation of game theory: definition of abstract games, the minimax theorem for two-person zero-sum games and the stable set solution for cooperative games with side payments. The presentation is self-contained, uses very little mathematical formalism and caters to the nonspecialist. Basic concepts and their implications are in focus. It is also indicated how von Neumann's groundbreaking work initiated further research, and a few unsolved problems are also mentioned.

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