Introduction to Game Theory Fall 2012 1 / 18 What is game theory? Robert J. Aumann‚ 1985: Brie y put‚ game and economic theory are concerned with the interactive behavior of Homo rationalis | rational man. . . [An] important function of game theory is the classi cation of interactive decision situations. Roger B. Myerson‚ 1991: Game theory can be de ned as the study of mathematical models of con ict and cooperation between intelligent rational decision-makers. Game theory provides general
Premium Game theory Nash equilibrium
Cola Wars in China Ryan Criscione Alfred State College Cola Wars in China Wahaha Group was founded in 1987 and since then has become China’s leading soft drink producer. In fact‚ the company maintains a leading position in a number of product categories such as; water‚ milk drinks and mixed congee‚ and tea and juice drinks (Cravens‚ 2009). The Wahaha Group began as a children’s company and even though it is still considered one today‚ the company has really evolved into something much more
Premium Coca-Cola Marketing Soft drink
designed to help companies find ways to off-set a rival company and to help develop a more solid business plan. It has been known over the years a rivalry has existed been two of the biggest soda companies‚ Coca Cola and Pepsi. Three of Porter’s forces that are exemplified in this “coke war” are buyer power‚ barriers to entry‚ and rivalry which will be explained and elaborated on in the following essay. Buyer Power The retailers have a low to moderate buyer power over the consumer soft drink
Premium Soft drink Coca-Cola Pepsi
in 2008 indicating growth. • As of 2003‚ the Coca Cola brand (regular and diet) was the leader in the Brazilian soft drink market with 35.6% market share. Second closest was Guarana Antartica with 7.9% market share followed by Fanta with 7.1% market share. • Coca Cola is the leader in Brazilian market holding 50.1% market share‚ AmBev with 17.2% market share is at 2nd position and others-Tubainas accounting for the rest (Dec’ 2003). • The cola flavor accounted for 45% of the Brazilian soft drink
Premium Coca-Cola Soft drink
Game Theory is undeniably new to me. Its concept is just so brilliant that it made me rethink how I ought to see a business’ road to success. In the past‚ my key idea of winning in the industry was by toppling down competitors‚ and rising as the sole survivor in the war. Plainly‚ it’s a winner-take-all perspective. The real target was to capture the entire market then. After reading the theory and the cases suitably alluded to‚ realizations came to me that I’m way too far from the wisdom good strategists
Premium Causality Game theory Economics
Game Theory Orton K.C. Tsun April 1‚ 2012 Introduction As individuals‚ we make decisions throughout the day weighing the cause and effect‚ cost and benefit‚ risk and impact of our actions on ourselves and upon others. When taken to a larger scale‚ as the manager of a team‚ the CEO of a corporation‚ or the leader of a nation‚ the decisions exponentially increase in impact and importance. Game Theory‚ the analysis of the concepts used in social reasoning when dealing with situations of
Premium Game theory Decision theory Marketing
Econ 101: Principles of Microeconomics Chapter 15 - Oligopoly Fall 2010 Herriges (ISU) Ch. 15 Oligopoly Fall 2010 1 / 25 Outline 1 Understanding Oligopolies 2 Game Theory The Prisoner’s Dilemma Overcoming the Prisoner’s Dilemma 3 Antitrust Policy Herriges (ISU) Ch. 15 Oligopoly Fall 2010 2 / 25 The Oligopoly Monopolies are quiet rare‚ in part due to regulatory efforts to discourage them. However‚ there are many markets that are dominated by a relatively
Premium Game theory Oligopoly Cartel
1 Playing the Game Game theory implications in business Abhik Ghosh 19th July’09 ©ABHIK GHOSH In an economically contracting market-place‚ interactions between various parties to a transaction are increasing every single day. With numerous covenants guarding every deal‚ there is more to the market equation than simply the buyer-seller dynamic. Undoubtedly‚ in a perfect world‚ when the curtains are pulled down‚ and the facade is eroded‚ the buyer-seller dynamic is still supremely prevalent
Premium Game theory Game
Introduction Game theory‚ in this essay‚ means the study of strategies adopted by rational decision-makers of economic agents in specific situations‚ analyzing outcomes of mathematical models of conflict and cooperation (Myerson‚ 1991). Its basic elements include players‚ actions‚ information‚ strategies‚ payoffs‚ outcome and equilibrium‚ among which‚ players‚ strategies and payoffs are the most essential; actions and outcome are called as rules of the game (Rasmusen‚ 2000). The objective of the
Premium Game theory Nash equilibrium
scholars attempted to theorize war in human history‚ only few were credited for constructing consistent theories on which people could base and further their understanding of war and warfare. Those include Greek Thucydides‚ Chinese Sun Tzu‚ and Indian Kautilya all three from 3-4th century BC; Prussian Carl von Clausewitz and Swiss Antoine-Henry Jomini both from 19th century. All of those prominent theorist had a lot to offer and therefore had great influence on our thinking in war‚ warfare‚ and strategy
Premium On War War 21st century