All categories

3 years ago

Implications of game theory

Business

1 answer:

MrRa [10]3 years ago

4 0

Answer:

Game Theory is a general mathematical analysis to investigate the strategic interactions among players. Game theorists attempt to provide precise descriptions of situations of conflicting interests in order to study the behavior that such a conflict would (or, in some cases, should) elicit from rational agents. Players are assumed to consider the position and perceptions of other players while forming their strategies. In our examples, we will assume that there are two players, and that each has two choices and the fact that the players are selfish (operate in their own best interests) and rational .

Limitations of Game Theory :

The biggest issue with game theory is that, like most other economic models, it relies on the assumption that people are rational actors that are self-interested and utility-maximizing. Of course, we are social beings who do cooperate and do care about the welfare of others, often at our own expense. Game theory cannot account for the fact that in some situations we may fall into a Nash equilibrium, and other times not, depending on the social context and who the players are.

You might be interested in

Globalization is:

Karolina [17]

Answer:

d) making HR planning more critical and complex.

Explanation:

Globalization refers to the way of interacting with different people around the world in order to get healthy relationship for business purpose. Communication technologies become a helping hand to make globalization so easy and efficient.

Increase Globalization increase the practice of human Resource, in order to maintain the workforce in a more systematic way thus globalization make human resource planning more complex.

5 0

3 years ago

The "Four C's of Credit" are

White raven [17]

Credit, capacity, collateral, and capital

7 0

2 years ago

On January 1, 2017, the merchandise inventory of Glaus, Inc. was $1,600,000. During 2017 Glaus purchased $3,200,000 of merchandi

valentinak56 [21]

Answer: $1,800,000

Explanation:

The merchandise inventory of Glaus at December 31, 2017 will be:

Begining Inventory = $1,600,000

Add: Purchases = $3,200,000

Less: Cost of goods sold = $4,000,000

Add: Gross profit = 25% × $4,000,000 = $1,000,000

Ending Inventory = $1,800,000

The answer is $1,800,000.

8 0

2 years ago

Sometimes mathematical models are insufficient to predict future personnel requirements. In this case, ________ may be necessary

brilliants [131]

Answer:

The correct answer is: Managerial Judgment.

Explanation:

To begin with, the concept known as "Managerial Judgment" in the field of business refers to the process of managerial decision making done by the manager of the organization, therefore that it could be also understood as the ability that they have in order to resolve the situations that might cause harm to the operations or to the plans of the company. That is why that when sometimes the mathematical models are insufficient to predict future personnel requirements then the managerial judgment enters in the game in order to try to acquire the best solution as possible depending on the situation presented for the managers.

6 0

3 years ago

What is The key to successful training and development programs?

yawa3891 [41]

Begin by conducting a needs assessment. Be able to tie the need for training to the organization's goal. Provide effective communications to ensure employees understand the value of taking time to attend the program.

Hope this helps! :)

6 0

3 years ago