Operations Management - Game Theory, Goal Programming & Queuing Theory
Definitions of game theory
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There are several definitions of game theory. A few standard definitions are presented below.
Definitions of game theory
There are several definitions of game theory. A few standard definitions are presented below.
In the perception of Robert Mockler, “Game theory is a mathematical technique helpful in making decisions in situations of conflicts, where the success of one part depends at the expense of others, and where the individual decision maker is not in complete control of the factors influencing the outcome”.
The definition given by William G. Nelson runs as follows: “Game theory, more properly the theory of games of strategy, is a mathematical method of analyzing a conflict. The alternative is not between this decision or that decision, but between this strategy or that strategy to be used against the conflicting interest”.
In the opinion of Matrin Shubik, “Game theory is a method of the study of decision making in situation of conflict. It deals with human processes in which the individual decision-unit is not in complete control of other decision-units entering into the environment”.
According to von Neumann and Morgenstern, “The ‘Game’ is simply the totality of the rules which describe it. Every particular instance at which the game is played – in a particular way – from beginning to end is a ‘play’. The game consists of a sequence of moves, and the play of a sequence of choices”.
J.C.C McKinsey points out a valid distinction between two words, namely ‘game’ and ‘play’. According to him, “game refers to a particular realization of the rules”.
In the words of O.T. Bartos, “The theory of games can be used for ‘prescribing’ how an intelligent person should go about resolving social conflicts, ranging all the way from open warfare between nations to disagreements between husband and wife”.
Martin K Starr gave the following definition: “Management models in the competitive sphere are usually termed game models. By studying game theory, we can obtain substantial information into management’s role under competitive conditions, even though much of the game theory is neither directly operational nor implementable”.
According to Edwin Mansfield, “A game is a competitive situation where two or more persons pursue their own interests and no person can dictate the outcome. Each player, an entity with the same interests, make his own decisions. A player can be an individual or a group”.
There are several definitions of game theory. A few standard definitions are presented below.
In the perception of Robert Mockler, “Game theory is a mathematical technique helpful in making decisions in situations of conflicts, where the success of one part depends at the expense of others, and where the individual decision maker is not in complete control of the factors influencing the outcome”.
The definition given by William G. Nelson runs as follows: “Game theory, more properly the theory of games of strategy, is a mathematical method of analyzing a conflict. The alternative is not between this decision or that decision, but between this strategy or that strategy to be used against the conflicting interest”.
In the opinion of Matrin Shubik, “Game theory is a method of the study of decision making in situation of conflict. It deals with human processes in which the individual decision-unit is not in complete control of other decision-units entering into the environment”.
According to von Neumann and Morgenstern, “The ‘Game’ is simply the totality of the rules which describe it. Every particular instance at which the game is played – in a particular way – from beginning to end is a ‘play’. The game consists of a sequence of moves, and the play of a sequence of choices”.
J.C.C McKinsey points out a valid distinction between two words, namely ‘game’ and ‘play’. According to him, “game refers to a particular realization of the rules”.
In the words of O.T. Bartos, “The theory of games can be used for ‘prescribing’ how an intelligent person should go about resolving social conflicts, ranging all the way from open warfare between nations to disagreements between husband and wife”.
Martin K Starr gave the following definition: “Management models in the competitive sphere are usually termed game models. By studying game theory, we can obtain substantial information into management’s role under competitive conditions, even though much of the game theory is neither directly operational nor implementable”.
According to Edwin Mansfield, “A game is a competitive situation where two or more persons pursue their own interests and no person can dictate the outcome. Each player, an entity with the same interests, make his own decisions. A player can be an individual or a group”.
Tags : Operations Management - Game Theory, Goal Programming & Queuing Theory
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