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What is the Right Game:Use Game Theory to Shape Strategy all about?

What is the Right Game:Use Game Theory to Shape Strategy all about?

Business   Operations-Management   
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Answer #1
  • Game theory is the usage of mathematical models of cooperation and conflict to make effective decisions.
  • Game theory aims to delve upon win-win strategy so that both the parties are at profit
  • Business is seen as an exciting game under this theory
  • The success of business lies in the doctrine that the players must play the right game
  • There are 5 entities in a game theory:
    • Players
    • Added values
    • Rules
    • Tactics
    • Scope
  • Strategy must be changed to play the new game
  • Companies must take into account both competitive and cooperative ways to change a game
  • Company must put itself in the competitors’ / rival’s shoes to understand their perspective
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