Description
Game theory is a branch of an economic theory which deals with the analysis of the decision making process of a smaller number of stakeholders. To put it simply, the game can be played by one player (like a puzzle), but its connection to the mathematical theory comes into play when at least two players are in the game, and when they are playing against each other. Each player picks a strategy which will get them the highest profit, that is, a strategy they can outplay the other player with. What connects this mathematical theory with other fields is the human nature, which makes projecting and planning your own gain most enjoyable when done through the loss of the other player (to put it more precisely: many cases in reality can be reduced to uncooperative games). Apart from providing detailed insight into the key terms of the game theory, this programme also analyzes the practical use of the different game theory concepts in making everyday business decisions which are characterized by a ‘’strategic interaction’’. The goal of this programme is for the participants to familiarize themselves with the key concepts and the applied game theory, as well as how companies choose the strategies which will ensure them a competitive advantage.
Outcomes
Leaders know:
• How companies and organizations behave in situations where strategic decisions are interdependent, that is, when their plans affect the competition’s business and vice versa
• How to, using the basic techniques and formulas of the game theory, which are used in military strategies and in sports fields, make smarter market decisions which will ensure them a competitive advantage
• How to behave in circumstances where it is necessary to take into account the decisions of other market participants in different contexts, like bankruptcy proceedings, hostile takeovers, price competitions, etc
Who is the programme intended for?
Top managers and those who make strategic decisions, and problem solvers.
Programme duration:
The programme lasts two days, i.e. six 90-minute blocks