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    Game Theory: The art of thinking strategically
    Game Theory: The art of thinking strategically
    Game Theory: The art of thinking strategically
    Ebook47 pages25 minutes

    Game Theory: The art of thinking strategically

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    About this ebook

    The art of thinking strategically 

    This book is a practical and accessible guide to understanding and implementing game theory, providing you with the essential information and saving time.

    In 50 minutes you will be able to:

       • Quickly master the concept of strategic behavior and interactive decisions
       • Anticipate the actions of your opponents to react accordingly and maximize gains
       • Find the key to cooperating in order to reach collective goals

    ABOUT 50MINUTES.COM| Management & Marketing

    50MINUTES.COM provides the tools to quickly understand the main theories and concepts that shape the economic world of today. Our publications are easy to use and they will save you time. They provide elements of theory and case studies, making them excellent guides to understand key concepts in just a few minutes. In fact, they are the starting point to take action and push your business to the next level.
    LanguageEnglish
    Publisher50Minutes.com
    Release dateSep 2, 2015
    ISBN9782806265883
    Game Theory: The art of thinking strategically

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    Book preview

    Game Theory - 50minutes

    Key information

    Names: Game theory, strategic behaviour theory, interactive decision theory.

    Uses: Justification of social laws and norms in order to maintain cooperation within a group; political decision-making; understanding power relations in negotiations; conflict analysis tool; tool to generate confidence within a group; applications in logic and set theory; applications in economics, biology, computer science and the theory of evolution.

    Why is it successful? Game theory is an excellent tool for negotiations, as it encourages us to reflect on the complexity of social interactions and shows that:

    individuals, companies and countries are mutually interdependent;

    interaction is beneficial for resolving shared problems;

    cooperation is not easy to implement;

    in some cases, where each individual acts in their own interest, the shared interest may not be reached;

    there are various ways of making strategic choices in a cooperative situation.

    Key words:

    Interaction: a collective action in which a player performs an action or makes a decision that is influenced by another player.

    Strategy: a full specification of a player’s behaviour in any situation where they are required to play.

    Introduction

    Every day, all agents (animals, natural and legal persons or economic agents, including politicians, consumers, employers and manufacturers) and communities (sports teams, countries, armies, etc.) interact with each other when making decisions. These interactions can range from cooperation to conflict.

    The field of game theory is very broad and its applications can be found in areas as diverse as international relations, economics, political science, philosophy and history, among others. This theory develops the tools to analyse behaviours (economic, social, etc.) in the form of strategy games.

    History

    The first analyses of strategy games date back to

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