scholarly journals Practical Implications of Game Theory and Consumer Rights

2019 ◽  
Vol 7 (2) ◽  
pp. 11-19
Author(s):  
K S DhanyaShankar
Keyword(s):  
Game Theory ◽  
Decision Making ◽  
Real World ◽  
World Economy ◽  
Strategic Decision ◽  
Conflict And Cooperation ◽  
Consumer Rights ◽  
The Game Theory ◽  
Game Theoretic ◽  
Practical Implications

 Game theory is the formal study of conflict and cooperation. Game theoretic concepts apply whenever the actions of several agents are interdependent. These agents may be individuals, groups, firms, or any combination of these. The concepts of game theory provide a language to formulate structure, analyse, and understand strategic scenarios. Supermarkets are one such industry which is characterized by narrow profit margin and cut throat competition which had necessitated the need for the formulation and implementation of strategic decision. This interplay of decision making is similar to that of a game. This game of strategy can be used to test the real world theoretical implications of game theory. Thus from this context there arises the need of a study to test the game theory against the experimental evidences of real world economy and the analysis of the implications of game theory in experimental economics.

Game Theory

2017 ◽  
Author(s):  
Heiko Rauhut
Keyword(s):  
Game Theory ◽  
Decision Making ◽  
Theoretical Models ◽  
Strategic Decision ◽  
Crime And Punishment ◽  
Sequential Games ◽  
Universal Language ◽  
The Social ◽  
Inspection Game ◽  
Practical Implications

Game theory analyzes strategic decision making of multiple interdependent actors and has become influential in economics, political science, and sociology. It provides novel insights in criminology because it is a universal language for the unification of the social and behavioral sciences and allows deriving new hypotheses from fundamental assumptions about decision making. This chapter first reviews foundations and assumptions of game theory, basic concepts, and definitions. This includes applications of game theory to offender decision making in different strategic interaction settings: simultaneous and sequential games and signaling games. Next, the chapter illustrates the benefits (and problems) of game theoretical models for the analysis of crime and punishment by providing an in-depth discussion of the “inspection game.” The formal analytics are described, point predictions are derived, and hypotheses are tested by laboratory experiments. The chapter concludes with a discussion of theoretical and practical implications of results from the inspection game.

Understanding how the contextual variables influence political behaviour in strategic decision-making

2014 ◽  
Vol 7 (3) ◽  
pp. 226-250 ◽  
Author(s):  
Said Elbanna ◽  
Ioannis C. Thanos ◽  
Vassilis M. Papadakis
Keyword(s):  
Decision Making ◽  
Strategic Decision ◽  
Strategic Decision Making ◽  
Strategic Decisions ◽  
Empirical Examination ◽  
Content Type ◽  
Political Behaviour ◽  
Practitioner Education ◽  
The Impact ◽  
Practical Implications

Purpose – The purpose of this paper is to enhance the knowledge of the antecedents of political behaviour. Whereas political behaviour in strategic decision-making (SDM) has received sustained interest in the literature, empirical examination of its antecedents has been meagre. Design/methodology/approach – The authors conducted a constructive replication to examine the impact of three layers of context, namely, decision, firm and environment, on political behaviour. In Study 1, Greece, we gathered data on 143 strategic decisions, while in Study 2, Egypt, we collected data on 169 strategic decisions. Findings – The evidence suggests that both decision-specific and firm factors act as antecedents to political behaviour, while environmental factors do not. Practical implications – The findings support enhanced practitioner education regarding political behaviour and provide practitioners with a place from which to start by identifying the factors which might influence the occurrence of political behaviour in SDM. Originality/value – The paper fills important gaps in the existing research on the influence of context on political behaviour and delineates interesting areas for further research.

Development of Game Theoretic Protocols for Multilevel Design

2010 ◽  
Author(s):  
Ayan Sinha ◽  
Farrokh Mistree ◽  
Janet K. Allen
Keyword(s):  
Game Theory ◽  
Decision Making ◽  
Geometric Modeling ◽  
Underwater Vehicle ◽  
Design Problems ◽  
Single Level ◽  
Engineering Teams ◽  
Game Theoretic ◽  
Multiple Levels ◽  
The Relationship

The effectiveness of the use of game theory in addressing multi-objective design problems has been illustrated. For the most part, researchers have focused on design problems at single level. In this paper, we illustrate the efficacy of using game theoretic protocols to model the relationship between multidisciplinary engineering teams and facilitate decision making at multiple levels. We will illustrate the protocols in the context of an underwater vehicle with three levels that span material and geometric modeling associated with microstructure mediated design of the material and vehicle.

scholarly journals Putting resilient sustainability into strategy decisions – case studies

2018 ◽  
Vol 56 (7) ◽  
pp. 1598-1612 ◽  
Author(s):  
Julie Winnard ◽  
Jacquetta Lee ◽  
David Skipp
Keyword(s):  
Case Studies ◽  
Real World ◽  
Design Methodology ◽  
Strategic Decision ◽  
New Approach ◽  
Content Type ◽  
Industrial Companies ◽  
Different Types ◽  
Strategic Decision Support ◽  
Practical Implications

Purpose The purpose of this paper is to report the results of testing a new approach to strategic sustainability and resilience – Sustainable Resilient Strategic Decision-Support (SuReSDS™). Design/methodology/approach The approach was developed and tested using action-research case studies at industrial companies. It successfully allowed the participants to capture different types of value affected by their choices, optimise each strategy’s resilience against different future scenarios and compare the results to find a “best” option. Findings SuReSDS™ enabled a novel integration of environmental and social sustainability into strategy by considering significant risks or opportunities for an enhanced group of stakeholders. It assisted users to identify and manage risks from different kinds of sustainability-related uncertainty by applying resilience techniques. Users incorporated insights into real-world strategies. Research limitations/implications Since the case studies and test organisations are limited in number, generalisation from the results is difficult and requires further research. Practical implications The approach enables companies to utilise in-house and external experts more effectively to develop sustainable and resilient strategies. Originality/value The research described develops theories linking sustainability and resilience for organisations, particularly for strategy, to provide a new consistent, rigorous and flexible approach for applying these theories. The approach has been tested successfully and benefited real-world strategy decisions.

Managing Executive Information Systems for Strategic Intelligence in South Africa and Spain

2011 ◽  
pp. 1274-1296
Author(s):  
Udo Richard Averweg ◽  
Jose L. Roldan
Keyword(s):  
South Africa ◽  
Decision Making ◽  
Strategic Decision ◽  
Strategic Decision Making ◽  
Executive Information Systems ◽  
Strategic Intelligence ◽  
Computer Based ◽  
Executive Decision Making ◽  
The Right ◽  
Practical Implications

Strategically important information for executive decision-making is often not readily available since it may be scattered in an organization’s internal and external environments. An executive information system (EIS) is a computer-based technology designed in response to specific needs of executives and for decision-making. Executives having the “right” information for strategic decision-making is considered critical for strategic intelligence (SQ). SQ is the ability to interpret cues and develop appropriate strategies for addressing the future impact of these cues. In order to gauge the current situation in respect of information in an EIS and for managing future EIS development, the authors research EIS in organizations in two selected countries: South Africa and Spain. From their EIS study, parallelisms and differences are identified and implications for SQ are discussed. Some practical implications for future EIS development are given. The authors suggest these should be considered so that SQ for executive decision-making is facilitated.

scholarly journals Game theory and the surgeon

2015 ◽  
Vol 97 (8) ◽  
pp. 335-337 ◽  
Author(s):  
AP Marco
Keyword(s):  
Game Theory ◽  
Decision Making ◽  
Strategic Decision ◽  
Strategic Decision Making

How the controversial study of strategic decision-making plays out in our profession.

THE GAME THEORY IN MANAGEMENT

2019 ◽  
Vol 20 (4) ◽  
pp. 307-320
Author(s):  
Alina Czapla
Keyword(s):  
Game Theory ◽  
Decision Making ◽  
Optimization Techniques ◽  
Special Place ◽  
Wide Range ◽  
The Game Theory

The game theory (GT) is not only a part of mathematics, but also one of the most popular optimization techniques supporting decision making. Its achievements are currently used in many fields. However, this theory has a special place in economics and management. Operating on the market, companies make a number of decisions that resemble a game with moves made by players. It turns out that GT can also be successfully translated into management needs. The aim of the article is to answer the question about the possibilities of using game theory in management. A wide range of applications of this theory has been shown. Limitations related to its use in management were also indicated.

scholarly journals Game Theory: An approach through history and its applications

2019 ◽  
Vol 12 (1) ◽  
pp. 138
Author(s):  
W. A. V. Souza ◽  
M. C. Malavazi
Keyword(s):  
Game Theory ◽  
Decision Making ◽  
Nobel Prize ◽  
Economic Behavior ◽  
Mathematical Approach ◽  
John Von Neumann ◽  
Von Neumann ◽  
Knowing That ◽  
The Game Theory ◽  
Arbitrary Decision

Game Theory is a mathematical approach to the study of decision making between individuals when each outcome depends on the decisions of others, ie, one should not make an arbitrary decision, but decide based on what they think the decision of their "opponent" will be, knowing that they think the same. Developed by John von Neumann and Oskar Morgenstern in 1944 in the book Theory of Games and Economic Behavior, it had been very contested since its launch, but the works of a genius named John Nash, winner of the Nobel Prize in economics in 1994, ended these contestations. This work shows that the Game Theory was not limited to the field of economics, but expanded to other areas, such as biology, explaining strategies used by species to survive. As results are presented more than ten models based on the principles of Game Theory, among them the Prisoner's Dilemma, Ice Cream Vendors Game, Clean City Law and Warning Song between Bird.

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