Game Theory in Business

Game Theory
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Jaap de Jonge
Editor, Netherlands

Game Theory in Business

Issue #46 of S+B has an interview with Prof. Nalebuff, well known for bringing game theory into the realm of business. According to N. there are 2 reasons why extending game theory to business requires an intellectual leap:
1. The game of business is not a zero-sum game (the success of one company does not require others to fail).
2. There are no explicitely defined rules in business (each firm can change the game/rules).
Moreover, Nalebuf warns that the behavior of businesspeople is not always rational, and inertia can be a powerful force to overcome.

  Kim Warren, UK
 

Game Theory Article by Nalebuff

BTW - the S+B article mentioned may not be easy to find, so here's a link.

 

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