Applying Game Theory Through business simulations

Putting Game Theory Into Practice

The concept of game theory has been evolving since the 1950s. Game theory is grounded in economics but now includes other disciplines as well. For example, during the COVID-19 pandemic, the models used by governments to consider suitable measures to beat the virus are examples of decision making based on imperfect information. Within business simulations, decisions are often made on imperfect and as well, near perfect information (combinational game theory).

In our white paper we explore the benefits and shortcomings of these mathematical exercises and what students would gain from applying game theory to simulated business and more generalized decision making.