Applied Game Theory – to be announced
What do have in common exploitation of natural resources, investment analysis, financial crises, student dormitories rooms, political strategy, pricing, oligopolies, economic segregation in cities, multi-stakeholder negotiations, price and quantity competition, social norms, tolerance and aggressiveness, and many, many others? All can be explained and analyzed with Game Theory. It analyses decisions that are taken in situations in which the result is not only depending on one’s decision, but also on the decisions taken by other “game” participants, whom he/she cannot influence.
Game theory is the study of mathematical models of conflict and cooperation between intelligent rational decision-makers. Game theory is mainly used in economics, political science, and psychology, as well as logic, computer science and biology. Today, game theory applies to a wide range of behavioral relations, and is now an umbrella term for the science of logical decision making in humans, animals, and computers.
Our course will avoid the complex mathematical structure, but will introduce a few fundamental concepts of the Game Theory and will bring examples of how they could be used in order to analyze and understand all the above situations, as many others. And last, but not least, you will play a lot.
Khaled Wahba, Adjunct Associate Professor at a number of universities, business and technical schools in Canada, the Netherlands, Romania, Peru, Colombia, Suriname, Kuwait and Egypt for Data Analysis, Decision Making, Quantitative Research Methods, Systems Thinking and System Dynamics, and Digital Transformation
Florin Ilie, Associated Lecturer for Business Strategy, Head of Corporate Sales Central & Eastern Europe with ING
Sergiu Neguț, Associated Dean of Entrepreneurial Growth and Lecturer for Managing Business Growth with MsM Romania
Adrian Stanciu, Associated Dean and Lecturer for Managing Cultural Diversity and Leading Change with MsM Romania
Day 1. Game Theory Fundamentals, Khaled Wahba
You will be introduced and explained the main concepts of Game Theory. You will get familiar with using them in analyzing different situations.
– Players, strategies, payoffs
– Best response strategies
– Nash Equilibrium
– Dominating strategies
– Pareto optimality, Pareto domination
– Iterative strategical analysis
– Games with more than one Nash equilibrium, tipping points
– Mixed strategies versus pure strategies, randomization, Nash equilibrium of mixed strategies
Day 2. Organizations and Society, Adrian Stanciu
– Greater good and reciprocal altruism
– Evolution and GT. Evolutionary Stable Strategies
– Cheating, punishment, moral hazard
– Social convention
– Organizational culture
– Repeated games: cooperation vs. the end game
Day 3. Applications in marketing and economy, Florin Ilie
– Competition: application to real-life Romanian cases of oligopolies, or perfect competition trying to become monopolistic
– Capital structure: company debt structure and signalling, readacross for CAPM and what managers face as WACC or CoE KPIs set by their shareholders
– Cost-benefit analysis: the foundation and practical implications of Pareto vs. Kaldor-Hicks and the direct impact on how European funds applications are written and assessed
Day 4. Negotiations, Sergiu Negut
– Zero sum games
– Asymmetrical information
Each topic will be introduced and illustrated by at least one game that people should either play or solve.
Tuition fee: 700 EUR/person
To book your place or for more details: email@example.com, +40727954494.