Game Theory

   

Definition: Game Theory is a special branch of mathematics which has been developed for studying decision making, typically in complex circumstances.
GT tries to predict outcomes based on interactive models in which the decisions of each party affect the decisions of the other parties.
GT is at the basis of current business games and management games, simulating decision making situations.
A well known example of GT is the Prisoner's Dilemma.
Typical situations in GT include: zero-sum game, win-win situation, no-win situation, catch-22.


   
   

Learn more about Game Theory



More on decision support: Activity Based Costing, Artificial Intelligence In Marketing, Big Data Analytics, Business Intelligence, Business Performance Management, more...

You may also like: Full-time MBA, Executive MBA, Executive Education, Online MBA.


MBA Brief offers concise, yet precise definitions of concepts, methods and models as taught in a study Master of Business Administration.

We like to keep things short, and provide links to learn more about your subject.


Add MBA Brief to your desktop / iPad
   

© 2023 MBA Brief - Last updated: 31-5-2023  -  Privacy   |   Terms