Yes, indeed the game theory is the right game. Business is not about winning and losing nor is it about how well you play the game. The essence of business success lies in making sure you're playing the right game. The challenge for us is to make sure we're playing the right game. There are times in our life that we think we are in the right game but suddenly we realize that it is not the game we should play. For example, the course that you choose in college, you enrolled in accounting because your parents said so or because you don't have any choice yet but you don't possess the passion, attitude and skills an accountant must have. That is an evidence that you are in the wrong course, the remedy is to change your course into the course you love and possess the skills and passion for.
To every action, there is a reaction. You have to look forward into the game and then reason backward to figure out which of today's actions will lead you to where you want to end up. In order to succeed we need to go beyond the threats and opportunities that might occur and what we what to become in the future but we need also to be realistic and not too imaginary. Thus, after looking forward we make the action that will lead us to where we what to be. The decisions and actions you make today will affect our future career. So make the right actions and decisions.
You cannot take away from the game more than you bring to it. You cannot take away more than your added value. Don't remove something that contribute to your strengths, keep and maintain them.
The main focus is allocentrism. It is the importance of focusing on others. You have to put yourself in the shoes and even in the heads of other players. You have to ask not what other players can bring to you but what you can bring to other players. It's changing our mindset into other players mindset because if you know what and how they think it's easy for you to discern what...
...Beauty Contest Experiment
The experiment executed in the seminar was very simple. Players had to choose a number between 0 and 100. The objective is to choose a number based on your guess of the mean guesses of the group and multiply it by 2/3. It is called the Beauty contest Experiment because it was based on a theory John Maynard Keynes proposed on the relationship of the stock market with beauty contests conducted in newspapers of his time. In this report I will examine the logic behind choosing the best response strategy in theory and compare it with the actual results of the experiment conducted. From the comparison I will provide justification for why the theory is different from reality by also comparing it to examples in real life.
To understand the underlying logic of the game’s strategy one must understand the Nash Equilibrium. Princeton University’s Website (an excellent source since John Nash the person who came up with the Equilibrium attended that university) defines Nash Equilibrium as “a solution concept of a game involving two or more players, in which each player is assumed to know the equilibrium strategies of the other players, and no player has anything to gain by changing only his or her own strategy unilaterally. If each player has chosen a strategy and no player can benefit by changing his or her strategy while the other players keep theirs unchanged, then the current set of strategy choices...
... 2012 
 Application Of GameTheory to Business: Preliminary Findings for Term paper
Saurabh Mandhanya 11p164Rajat Barve 11p157Shashank Gupta 11p166Deepak Bansal 11P133Padmini Narayan 11p152Lizanne Marie Raphael 11P025 
[ The Kargil War: Analysis and Learning Through GameTheory ] 

Introduction
India and Pakistan have been involved in conflict over Kashmir since Independence. It has led to numerous wars and attacks. The relations and wars over Kashmir can be studied using GameTheory. Tit for Tat policy has been practiced by both nations. The pay of for wars for both countries has been changing depending on the context. This context has been based on many parameters –
1. Ally countries – US and China are widely regarded as Pakistan allies. China has been against India due to border issues. USSR has been traditionally supporting India until recently. The situation keeps on changing with changing stance of allies.
2. International support  International communities like UN tries to solve the conflict through negotiations.
3. Military strength – It keeps on changing depending upon development and purchase of weapons on both sides.
4. Resources including financial and others – India has always been in a relatively better position due to more available resources.
5. Leadership of both countries especially of Pakistan (Army Rule) – Army Rulers might...
...Assignment 2: Planning and Playing a Game
Objectives:
• Learn how individuals contribute to teamwork
• Experience some of the features of group work and teamwork
• Understand what managers and organizational developers do to transform
• groups into teams
• Articulate the tangible benefits (both quantitative and qualitative) of
• highperforming teams
• Finish with an interest in learning more about these concepts and
• techniques to apply what you learn
Background: For this assignment, you will plan and play a game with your family or friends, or at work based on the idea of the classic prisoner's dilemma. If you have had a class on gametheory, you will be well aware of this concept. It forms the basis of many TV game shows. The prisoner's dilemma was illustrated in Truman Capote's book, "In Cold Blood" concerning the 1959 robbery of a Kansas farmhouse by Perry Smith and Dick Hickock, who murdered their victims in order to eliminate the witnesses. After the men were captured, the police interrogated them separately. To get a confession, the police offered the men a reduced sentence for cooperating. Failure to cooperate would result in a death penalty charge for both.
In the prisoner's dilemma, if both parties cooperate they are mildly punished; if one betrays another, one is severely punished while the other goes free; and if both betray...
...PS II 2013 Problem Set II
1. Reading newspapers: A survey on student behavior in some major Bschools in India asked a randomly selected group of 240 students on the number of hours a week he/she reads a newspaper. The sample mean was 4.1 and standard deviation 3. We can assume that the underlying distribution (of number of hrs reading newspaper) is approximately normal.
a) What will be a 99% confidence interval of the population mean (number of hours a Bschool student read newspapers/week)?
b) Suppose you perform a similar survey at IIMA with 24 randomly selected students; the sample mean and the sample standard deviation were 4.5 and 2.8 respectively. What will be a 99% confidence interval of the population mean (number of hours an IIMA student read newspapers/week)?
c) Inspired by your survey, your friend at IIMB wants to carry out a similar survey. However, she wants to have a 95% confidence interval with a margin of error of 0.2. How many students should she select in her sample? (She can use your standard deviation of 2.8 as the population standard deviation for IIMB students.)
2. Death penalty: In the 2009 General Social Survey, respondents were asked if they favoured or opposed death penalty for people convicted of murder. The 95% confidence interval for the population proportion in favour (say, p) was (0.65, 0.69).
a) For each of the following statements, identify True or False:
(i)We are 95% confident that the true population proportion...
...GameTheory
The game begins with a case that occurred on two prisoners. Both prisoners were suspected criminals and their work. Both prisoners were placed in a different room, then to be given the question of whether it is true they are committing a crime or not. Option given is: If the prisoner A prisoner confessed while B does not confess, then A will be free, while B will get a 6 month sentence. If they plead not guilty, then it will get a 1 month prison sentence. And if both confess, they will each get a 3 month prison sentence.
Zerosum game
In gametheory and economic theory, a zero–sum game is a mathematical representation of a situation in which a participant's gain (or loss) of utility is exactly balanced by the losses (or gains) of the utility of the other participant(s). If the total gains of the participants are added up, and the total losses are subtracted, they will sum to zero.
Prisoners dilemma game is an archeptypal example of of a nonzero sum game.The distinction between a zero sum game and a nonzero sum game is crucial.In zero sum game,with two players for simplicity,the utilities of players always sum to zero wathever the game’s outcome.On certain simplifying assumption,a zero sum game is equivalent to a zero money sum game.In this circumstances,zero sum...
...Gametheory is defined as “the study of the ways in which strategic interactions among economic agents produce outcomeswith respect to thepreferences of those agents, where the outcomes in question might have been intended by none of the agents” by the Stanford Encyclopedia of Philosophy (Ross 1997). The disciplines most involved in gametheory “are mathematics, economics and the other social and behavioral sciences” (McCain 1997).Gametheory was created to confront the problem and provide a theory of economic and strategic behavior. In gametheory, "games" have always been a metaphor for more serious interactions in human society. But gametheory addresses the serious interactions using the metaphor of a game: in these serious interactions, as in games, the individual's choice is essentially a choice of a strategy, and the outcome of the interaction depends on the strategies chosen by each of the participants (McCain1997).
John von Neumann a great mathematician founded gametheory. The legend of John Von Neumann gives a good insight on who John Von Neumann was and his theory. John von Neumann was a child prodigy, born into a banking family in Budapest, Hungary, “when he was only six years old he could divide eightdigit numbers in his...
...have been really practicing them. Many quote versus from the Bible and other religious books like above. Some believe that the world is still going on because of some good left in it and others think it is because people have learnt to punish the defectors. Let us study these philosophies in comparison with Prisoners Dilemma & TitForTat strategy in Gametheory.
Game theorists, like gamblers and children, can become addicted to iteratedgames. Their classic example is the Prisoner’s Dilemma, whose diabolical simplicity has given rise to thousands of scientific publications. Two players are engaged in the game. They have to choose between two options, which we term Cooperate or Defect. If both cooperate, they can earn three points apiece as reward. If both defect, they get only one point each, which is the punishment for failing to join forces. If one player defects while the other cooperates, then the defector receives five points (this is the temptation) while the trusting cooperator receives no points at all (this is the sucker’s payoff).
How will the rational player act? By defecting, of course. This is the right choice, no matter what the other player does.
Indeed, against a cooperating player, one earns five points by defecting, but only three points for cooperation. Against a defecting player, one earns one point if one also defects, but nothing at all if one cooperates....
...GameTheory and Business
Gametheory emerged as a scholarly field of study in the first half of the 20th century. Since that time, it has significantly affected various academic disciplines, such as economics, political science and biology. Although the term "gametheory" may suggest a certain frivolity, the concepts underlying it have many realworld applications and offer a structured and logical method of considering strategic situations.
The parallels between competitive games and strategic business situations should be fairly obvious. Consider the game of chess. There are two players, each of whom makes moves in sequence. After observing the move made by the first player, the second player makes a counter move. Then the first player, having observed the first two moves, makes the third move and so on.
Compare this to the business situation of gas stations competing for customers through strategic pricing. (The players in this case are station A and station B.) Suppose, for instance, that station A starts by choosing a new pricing strategy. Given station A's decision, station B decides how it will set its prices. Given station B's response, station A can choose to revise its pricing strategy and so on. The objective of each gas station in this "game" is to maximise its own profit. For each to do so, it must be continually acting and...
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