An investigation of strategic decision making in Swedish and German companies based on Game Theory
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Diploma Thesis from the year 1998 in the subject Business economics - Business Management, Corporate Governance, grade: 2,0, University of Applied Sciences Ludwigshafen (European Management + Controlling), language: English, abstract: Inhaltsangabe:Abstract:Game theory was established by the mathematician John von Neumann (1903 to 1957) and the economist Oskar von Morgenstern (1902 to 1977), who in 1944 published a - among game theorists - very well known work of literaturecalled Theory of Games and Economic Behavior. However, in his book Spieltheorie und ökonomische (Bei)spiele, Werner Güth...
Diploma Thesis from the year 1998 in the subject Business economics - Business Management, Corporate Governance, grade: 2,0, University of Applied Sciences Ludwigshafen (European Management + Controlling), language: English, abstract: Inhaltsangabe:Abstract:
Game theory was established by the mathematician John von Neumann (1903 to 1957) and the economist Oskar von Morgenstern (1902 to 1977), who in 1944 published a - among game theorists - very well known work of literature
called Theory of Games and Economic Behavior. However, in his book Spieltheorie und ökonomische (Bei)spiele, Werner Güth regards game theory
not exclusively as an economic discipline, although fundamental concepts of game theory have been inspired by economic questions and have been developed by economists.
Regarding game theory, there are numerous applications in the areas theoretical economy, operations research, statistical decision theory, marketing, politic and military science, insurance mathematics, sociology and psychology.
Aim of the dissertation is to give a general overview on game theory and especially to answer the following questions by analysing the Swedish and German replies of the questionnaire:
1. Do strategic deciders of large companies know about game theory and do they use it as a strategic tool?
2. What is the percentage of managers who are able to give correct answers
when they are confronted with certain game situations?
3. Are there any links between the characteristics of the manager and their
ability to give correct answers to the game situations?
4. Is it possible to find any differences between German and Swedish manag
ers regarding 1,2 and 3?
The dissertation does not contain all parts of game theory. Only aspects the authors think to be the most important in connection with economy will be discussed.
Inhaltsverzeichnis:Table of Contents:
1.INTRODUCTION1
2.THEORETICAL FRAMEWORK2
2.1FUNDAMENTAL DEFINITIONS2
2.2ECONOMIC RELEVANCE3
2.3FORMAL REPRESENTATION OF GAMES4
2.4SOLUTION CONCEPTS12
2.5STRATEGIC MOVES26
2.6HISTORICAL OVERVIEW OF GAME THEORY27
3.THE PRISONERS' DILEMMA (PD)31
3.1THE STORY31
3.2COOPERATION32
3.3THE REPEATED PD33
4.EXAMPLES FOR INTERESTING ECONOMIC GAMES38
4.1MARKET ENTRY GAME38
4.2COVER STORY WAR40
4.3THE OPEC GAME42
4.4CRAZY EDDIE44
4.5FOOTBALL LEAGUE45
4.6TECHNOLOGY RACE47
5.THE QUESTIONNAIRE49
5.1THE INTERVIEWED PERSONS49
5.2EXPLANATION OF THE QUESTIONNAIRE49
6.EVALUATION OF THE QUESTIONNAIRE67
6.1THE EVALUATED COUNTRIES67
6.2THE EVALUATION OF THE QUESTIONNAIRE70
7.REVIEW120
Game theory was established by the mathematician John von Neumann (1903 to 1957) and the economist Oskar von Morgenstern (1902 to 1977), who in 1944 published a - among game theorists - very well known work of literature
called Theory of Games and Economic Behavior. However, in his book Spieltheorie und ökonomische (Bei)spiele, Werner Güth regards game theory
not exclusively as an economic discipline, although fundamental concepts of game theory have been inspired by economic questions and have been developed by economists.
Regarding game theory, there are numerous applications in the areas theoretical economy, operations research, statistical decision theory, marketing, politic and military science, insurance mathematics, sociology and psychology.
Aim of the dissertation is to give a general overview on game theory and especially to answer the following questions by analysing the Swedish and German replies of the questionnaire:
1. Do strategic deciders of large companies know about game theory and do they use it as a strategic tool?
2. What is the percentage of managers who are able to give correct answers
when they are confronted with certain game situations?
3. Are there any links between the characteristics of the manager and their
ability to give correct answers to the game situations?
4. Is it possible to find any differences between German and Swedish manag
ers regarding 1,2 and 3?
The dissertation does not contain all parts of game theory. Only aspects the authors think to be the most important in connection with economy will be discussed.
Inhaltsverzeichnis:Table of Contents:
1.INTRODUCTION1
2.THEORETICAL FRAMEWORK2
2.1FUNDAMENTAL DEFINITIONS2
2.2ECONOMIC RELEVANCE3
2.3FORMAL REPRESENTATION OF GAMES4
2.4SOLUTION CONCEPTS12
2.5STRATEGIC MOVES26
2.6HISTORICAL OVERVIEW OF GAME THEORY27
3.THE PRISONERS' DILEMMA (PD)31
3.1THE STORY31
3.2COOPERATION32
3.3THE REPEATED PD33
4.EXAMPLES FOR INTERESTING ECONOMIC GAMES38
4.1MARKET ENTRY GAME38
4.2COVER STORY WAR40
4.3THE OPEC GAME42
4.4CRAZY EDDIE44
4.5FOOTBALL LEAGUE45
4.6TECHNOLOGY RACE47
5.THE QUESTIONNAIRE49
5.1THE INTERVIEWED PERSONS49
5.2EXPLANATION OF THE QUESTIONNAIRE49
6.EVALUATION OF THE QUESTIONNAIRE67
6.1THE EVALUATED COUNTRIES67
6.2THE EVALUATION OF THE QUESTIONNAIRE70
7.REVIEW120
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