Game Theory and its application to strategic management

1. Auflage 2009
ISBN: 978-3-8370-7540-3
Verlag: BoD - Books on Demand

Buch, Englisch, 260 Seiten, Paperback, Format (B × H): 135 mm x 215 mm, Gewicht: 356 g

Wars may be lost, companies may go bankrupt and marriages may end in divorce. Such failures may be due to mistakes in decision-making. Strategic decision-making is of great and growing importance and decision-making in general is indeed the central issue in management and operations. It determines external as well as internal action and reaction. Managers have to make decisions and act so as to avoid bankruptcy but instead ensure the company’s livelihood and enhance the company’s value. These represent two of the major managerial goals. Shareholders eventually demand constant improvement in performance.

It is, however, an art to appropriately assess situations of decision-making. Companies and their environment are typically dynamic and strategy cannot be viewed isolated as its success will depend on the decisions of others also. Game Theory as a theory of interaction provides appealing formal concepts and tools for examining such interdependent strategic behavior in business and economic settings. Although in literature hints can be found that Game Theory is already being applied by managers, the potential of Game Theory has not yet been exploited.

Autoren/Hrsg.

Jäger, Clemens

Höller, Verena

Über Autor(innen)

Höller, Verena
Verena Höller was born in Cologne in 1985. Since her early childhood she has been fascinated by numbers and calculations. This fascination was especially enforced during her high school semester in New Orleans, LA, in 2001. Accordingly, she took advanced placement courses in mathematics/calculus and physics. Passing her Abitur (German equivalent of A-Levels) with distinction, Verena Höller graduated from high school in 2004. Afterwards she started a commercial apprenticeship with Siemens and a Siemens scholarship for studies at the FOM in Essen. She graduated as Bachelor of Arts in International Management in 2008. Her mathematical strength as well as her knowledge of foreign languages are asked for in her job as a commercial controller in the international engineering network of Siemens Energy, division steam turbines. In addition to her recently acquired commercial degree she has also started a correspondence course in order to achieve an engineering degree.

Jäger, Clemens
Dr. Clemens Jäger is executive director of a medium sized real estate company in Germany. The company is specialized on execution sales and non-performing loans. Dr. Jäger is also associate lecturer at the University of Applied Sciences in Essen/Germany. His main academic objectives various but his focus is on economic cycles, macroeconomic developments and especially deflation.

Clemens Jäger:
Dr. Clemens Jäger is executive director of a medium sized real estate company in Germany. The company is specialized on execution sales and non-performing loans. Dr. Jäger is also associate lecturer at the University of Applied Sciences in Essen/Germany. His main academic objectives various but his focus is on economic cycles, macroeconomic developments and especially deflation.

Verena Höller:
Verena Höller was born in Cologne in 1985. Since her early childhood she has been fascinated by numbers and calculations. This fascination was especially enforced during her high school semester in New Orleans, LA, in 2001. Accordingly, she took advanced placement courses in mathematics/calculus and physics. Passing her Abitur (German equivalent of A-Levels) with distinction, Verena Höller graduated from high school in 2004. Afterwards she started a commercial apprenticeship with Siemens and a Siemens scholarship for studies at the FOM in Essen. She graduated as Bachelor of Arts in International Management in 2008. Her mathematical strength as well as her knowledge of foreign languages are asked for in her job as a commercial controller in the international engineering network of Siemens Energy, division steam turbines. In addition to her recently acquired commercial degree she has also started a correspondence course in order to achieve an engineering degree.