Game Theory

R. Srinivasan ()
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R. Srinivasan: Indian Institute of Science

Chapter Chapter 6 in Strategic Business Decisions, 2014, pp 163-194 from Springer

Abstract: Abstract Game theory plays an important role in strategic decision making. Every business situation involves competition. In such situations, taking effective decisions is vital since it impacts the sales and consequently profit-earning potentials of the organization. In this chapter, we gain an insight into the world of game theory and terminologies associated with it. We will understand the different principles of game theory and its limitations. We will also classify games and discuss the associated strategies. There are ample illustrations with solutions that will help the reader grasp the concepts better.

Keywords: Game theory; Player; Strategy; Maximin; Minimax; Saddle point; Value of the game; Two-person zero-sum game; Dominance; Notions in game theory; Prisoner’s dilemma; Cold war; Nash equilibrium (search for similar items in EconPapers)
Date: 2014
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Persistent link: https://EconPapers.repec.org/RePEc:spr:sprchp:978-81-322-1901-9_6

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DOI: 10.1007/978-81-322-1901-9_6

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