From the course: Economics for Business Leaders
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Game theory and optimization
From the course: Economics for Business Leaders
Game theory and optimization
- Beyond the subject of economic data and government reports, there are two really important economic topics that business leaders talk about a lot. They are game theory and optimization. Business leaders are able to apply these two academic theories in a number of situations. And it's important to do because optimization and game theory can inform really important business planning, investment, and strategic management decisions. And business leaders who can do so appropriately really demonstrate their ability to show where the academic theory meets real world business priorities. First up is game theory. This is the part of economics that deals with making strategic decisions, especially if you're trying to consider the actions of a potential adversary. The goal is to rationally predict the actions of others in order to come out on top. Solid game theory planning can inform strategic decisions about market…
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