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What are the Uses of Game Theory? List of Usages
Marten van der Zee, Student (University), Netherlands, Premium Member
According to Luis Garicano (Professor Economics and Strategy) Game Theory is not particular useful to analyze business problems in an exact, numerical way.
Rather it is useful to get insight in the interaction between players in a market under certain conditions.
Specificaly, usage of game theory in business strategy can help in 3 ways:
1. Teach players to 'learn' the right way to play
2. Understand how competitors behave, and
3. What probably happens when the rules are changing in a certain way.
Makes me wonder, are there any additional uses of game theory in business strategy besides these 3?...