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1 – 10 of over 34000Ela Ozkan-Canbolat, Gulberk Ozkan and Aydin Beraha
This paper aims to show that evolutionary game theory not only provides a general and unified theory of political philosophy and strategic management theories but also a positive…
Abstract
Purpose
This paper aims to show that evolutionary game theory not only provides a general and unified theory of political philosophy and strategic management theories but also a positive theory of interactive behavior.
Design/methodology/approach
This study suggests a way of the evolutionary game-theoretical model.
Findings
The model presented in this paper demonstrates coopetition is derived from balance points in multi-actor games. As the political–philosophical address of those strategic games will of all becomes convention in this balance point at which common knowledge occurs global optimum.
Research limitations/implications
This study explores the connections between several streams in philosophy and strategic management. What does a particular philosophy contribute to strategic management with respect to game theory? When addressing this question in historical or exploratory terms, or in a combination of both, the end result is similar: particular philosophical issues, properly explained, are discussed in relation to important questions in strategic management.
Practical implications
What are the psychological and behavioral underpinnings of strategic decisions of this kind? What type of cognitive frames and managerial mental models, such as the game-theoretical model, might enable or hinder the integration of real-world problems in strategic decision-making?
Social implications
What explains the evolution of such mental models, as well as the development of philosophical ideas, in informing the origins? How does the evolution of social and political contexts influence change in the cognitive and behavioral underpinnings of strategic decision-making?
Originality/value
This study highlights the overt power of strategic management ideas – competition, cooperation and coopetition – which have historically been built on the foundations of organizational theory, while also underlying the potential of philosophies, collective wisdom and Condorcet’s jury theorem and Rousseau’s (1998) correctness theory in games of evaluation. This study investigates whether the many produce better decisions than the wise few.
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Mansour Abedian, Atefeh Amindoust, Reza Maddahi and Javid Jouzdani
Adopting efficient marketing strategies is a challenging task in a competitive market place involving complex marketing planning, techniques and mechanisms to identify the best…
Abstract
Purpose
Adopting efficient marketing strategies is a challenging task in a competitive market place involving complex marketing planning, techniques and mechanisms to identify the best course of action under these circumstances and finding optimal solutions or stable outcomes. Decisions and strategies of competitors in the market influence the selection of the appropriate marketing strategy. The main purpose of this paper is to develop a mathematical methodology based on the game theory approach for planning optimal marketing-mix strategies in dynamic competitive markets, taking into account strategic foresight and interaction effects.
Design/methodology/approach
The game theory approach, as a decision-making tool in conflict situations, is suggested for planning and adopting optimal marketing strategy. The main intellectual attraction of the game theory is essentially a question of how to act in gaming situations against highly rational opponents A kind of static, finite and non-cooperative game analytics approach has been developed for this issue, and the proposed model has been implemented to design optimal marketing strategies for two top brands of the automotive parts market in Iran.
Findings
The findings of this study show that the optimal marketing-mix strategy for brand A is pricing and for brand B is the product strategy.
Practical implications
Game theory and the Nash equilibrium model can provide a practical approach to find and adopt the right strategy, know competitors' movements and strategies and get more profit.
Originality/value
The integration of the game theory approach into the marketing mix framework has been adopted as a generalized model for marketing strategy planning and analysis as well as to resolve some shortcomings of the marketing mix framework. The Nash equilibrium model has been used to analyze the results. The incorporation of game theory into marketing models has the potential to enrich the scope of marketing modeling.
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Mark Taylor, Vince Kwasnica, Denis Reilly and Somasundaram Ravindran
The purpose of this paper is to use the game theory combined with Monte Carlo simulation modelling to support the analysis of different retail marketing strategies, in particular…
Abstract
Purpose
The purpose of this paper is to use the game theory combined with Monte Carlo simulation modelling to support the analysis of different retail marketing strategies, in particular, using payoff matrices for modelling the likely outcomes from different retail marketing strategies.
Design/methodology/approach
Theoretical research was utilised to develop a practical approach for applying game theory to retail marketing strategies via payoff matrices combined with Monte Carlo simulation modelling.
Findings
Game theory combined with Monte Carlo simulation modelling can provide a formal approach to understanding consumer decision making in a retail environment, which can support the development of retail marketing strategies.
Research limitations/implications
Game theory combined with Monte Carlo simulation modelling can support the modelling of the interaction between retail marketing actions and consumer responses in a practical formal probabilistic manner, which can inform marketing strategies used by retail companies in a practical manner.
Practical implications
Game theory combined with Monte Carlo simulation modelling can provide a formalised mechanism for examining how consumers may respond to different retail marketing strategies.
Originality/value
The originality of this research is the practical application of game theory to retail marketing, in particular the use of payoff matrices combined with Monte Carlo simulation modelling to examine likely consumer behaviour in response to different retail marketing approaches.
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The purpose of this paper is to review the utilization of game theory in the entrepreneurship literature. Game theory can potentially be employed to assess strategies…
Abstract
Purpose
The purpose of this paper is to review the utilization of game theory in the entrepreneurship literature. Game theory can potentially be employed to assess strategies incentivizing productive entrepreneurial activities and subsequent economic development. Therefore, the author reviews entrepreneurship articles and explores the application of game-theoretic models and concepts in the literature.
Design/methodology/approach
First, the author provides an overview of the entrepreneurship ecosystem concept, highlighting key challenges in its study. The author also briefly highlights successful applications of game theory in the innovation literature. Second, the author systematically reviews and synthesizes entrepreneurship research employing game-theoretic models and concepts. The author's objective is to provide a state-of-the-art overview of the use of game theory in entrepreneurship.
Findings
Broadly, the author categorizes entrepreneurship-game theory articles into three groups based on their scope and purpose: entrepreneurial policy applications, inter-firm applications and entrepreneurship theory applications. Entrepreneurial policy applications include entrepreneurs and the government or policy as the main players in a game. Inter-firm applications encompass games between entrepreneurs and other private entities. Entrepreneurship theory applications include articles that utilize game theory to advance the author's understanding of entrepreneurial behavior and/or mechanisms in the market.
Originality/value
To the best of the author's knowledge, no previous paper has reviewed the use of game-theoretic approaches and models in entrepreneurship literature. This study addresses this research gap.
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Luke Muggy and Jessica L. Heier Stamm
The purpose of this paper is to summarize ways in which game theory has been or could be utilized within the humanitarian sector and to identify future research opportunities in…
Abstract
Purpose
The purpose of this paper is to summarize ways in which game theory has been or could be utilized within the humanitarian sector and to identify future research opportunities in this field. Game theory is a tool for modeling systems in which multiple decision makers act according to their own objectives and where individual choices affect system outcomes. Humanitarian logistics systems are often characterized by the presence of many such decision makers.
Design/methodology/approach
The authors synthesize literature from operations research, humanitarian logistics, and the political and management sciences that describes either game theory models or settings in which game theory has the potential to contribute practical insights. Papers are categorized based on the types of decision makers highlighted and the facets of humanitarian operations described.
Findings
The review of literature indicates that applications of game theory to humanitarian supply chain systems are limited to date but that many components of humanitarian operations can benefit from such study.
Research limitations/implications
The literature on game theory in humanitarian supply chains is still emerging. The findings imply opportunities for researchers to advance both theoretical and practical understanding in this area.
Practical implications
Current research provides some managerial insights to humanitarian practitioners, but future practice-driven research could increase the impact of game theory models in the humanitarian sector.
Originality/value
This work reviews past research contributions in the area of game theory and humanitarian operations and recommends areas for future research.
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The purpose of this paper is to illustrate how game theoretic solution concepts inform what classes of problems will be amenable to artificial intelligence and machine learning…
Abstract
Purpose
The purpose of this paper is to illustrate how game theoretic solution concepts inform what classes of problems will be amenable to artificial intelligence and machine learning (AI/ML), and how to evolve the interaction between human and artificial intelligence.
Design/methodology/approach
The approach addresses the development of operational gaming to support planning and decision making. It then provides a succinct summary of game theory for those designing and using games, with an emphasis on information conditions and solution concepts. It addresses how experimentation demonstrates where human decisions differ from game theoretic solution concepts and how games have been used to develop AI/ML. It concludes by suggesting what classes of problems will be amenable to AI/ML, and which will not. It goes on to propose a method for evolving human/artificial intelligence.
Findings
Game theoretic solution concepts inform classes of problems where AI/ML 'solutions' will be suspect. The complexity of the subject requires a campaign of learning.
Originality/value
Though games have been essential to the development of AI/ML, practitioners have yet to employ game theory to understand its limitations.
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Mansour Abedian, Atefeh Amindoust, Javid Jouzdani and Maryam Hejazi
The purpose of the study is to assess manufacturing firm performance indicators using a reasonably comprehensive integrated BSC-Game model to empirically determine the importance…
Abstract
Purpose
The purpose of the study is to assess manufacturing firm performance indicators using a reasonably comprehensive integrated BSC-Game model to empirically determine the importance of the perspectives and indicators under evaluation and the best combination of indicators.
Design/methodology/approach
After identification of manufacturing indicators of the firm, the Shapley value index is used as the solution of the cooperative game to determine the importance of the perspectives and indicators under evaluation and the best combination of indicators to facilitate the achievement of target goals.
Findings
The game theory approach is used as a technique to rank BSC perspectives of the firm's manufacturing performance. The results reveal that the customers' perspective receives the highest ranking. The knowledge sharing, new technology, customer satisfaction and sale profitability are considered as the best combination of BSC indicators.
Originality/value
The integrated BSC-Game framework, approach and outcomes can be beneficial to practitioners and researchers who aim to select the proper indicators’ policy in manufacturing performance field.
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Erkan Kose and Jeffrey Yi-Lin Forrest
One important assumption in the conventional cooperative game theory is that payoffs are assumed to be deterministic. In terms of the players’ cognitive ability of the realistic…
Abstract
Purpose
One important assumption in the conventional cooperative game theory is that payoffs are assumed to be deterministic. In terms of the players’ cognitive ability of the realistic world, this is a very strict assumption. The classical game theory can find no way out when a particular game circumstance involves uncertainty, such as limited knowledge, small sample, and inadequate information, the payoff values of the game can only be described with interval grey numbers. The paper aims to discuss these issues.
Design/methodology/approach
In this study the concept of N-person grey games is proposed in which payoffs are represented with interval grey numbers opposed to the classical game theory. A straight forward solution methodology is submitted compatible to grey numbers. Then, a currency war between anonymous countries is handled and modeled as an N-Person grey game. A generic currency war scenario is developed to follow the proposed solution procedure thoroughly.
Findings
Based on the outcomes of this work, the authors can say that N-person grey game is an expansion of the classical N-person game under uncertain grey information and can be applied in more complex and uncertain environments, such as those seen in complicated currency warfare.
Originality/value
This study combines the grey system theory with the classic N-person game theory and sets up the N-person grey game with grey payoff functions. Based on the grey number operating methods, the grey linear programming algorithm is established to calculate and distribute benefits to the players. In this respect this study has the feature of being the pioneer in the N-person grey game area.
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The current paper is a brief review of the emerging field of quantum-like modelling in game theory. This paper aims to explore several quantum games, which are superior compared…
Abstract
Purpose
The current paper is a brief review of the emerging field of quantum-like modelling in game theory. This paper aims to explore several quantum games, which are superior compared to their classical counterparts, which means either they give rise to superior Nash equilibria or they make the game fairer. For example, quantum Prisoners Dilemma generates Pareto superior outcomes as compared to defection outcome in the famous classical case. Again, a quantum-like version of cards game can make the game fairer, increasing the chance of winning of players who are disadvantaged in the classical case. This paper explores all the virtues of simple quantum games, also highlighting some findings of the authors as regards Prisoners Dilemma game.
Design/methodology/approach
As this is a general review paper, the authors have not demonstrated any specific mathematical method, rather explored the well-known quantum probability framework, used for designing quantum games. They have a short appendix which explores basic structure of Hilbert space representation of human decision-making.
Findings
Along with the review of the extant literature, the authors have also highlighted some new findings for quantum Prisoners Dilemma game. Specifically, they have shown in the earlier studies (which are referred to here) that a pure quantum entanglement set up is not needed for designing better games, even a weaker condition, which is classical entanglement is sufficient for producing Pareto improved outcomes.
Research limitations/implications
Theoretical research, with findings and implications for future game designs, it has been argued that it is not always needed to have true quantum entanglement for superior Nash Equilibria.
Originality/value
The main purpose here is to raise awareness mainly in the social science community about the possible applications of quantum-like game theory paradigm. The findings related to Prisoners Dilemma game are, however, original.
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Modern “game theory”, unlike the Talmudic game method,is a highly advanced analytical tool, both in sophistication as well asin application. Nevertheless, the game as such…
Abstract
Modern “game theory”, unlike the Talmudic game method, is a highly advanced analytical tool, both in sophistication as well as in application. Nevertheless, the game as such, whether of chance or strategy, has been practised from time immemorial, including by the ancient Hebrews. It is demonstrated that within the Talmudic dialectics, the game method was often utilised to solve intricate questions, theoretical as well as practical.
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