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What is Understanding Game Theory Basics about?
Game theory deals with decision making under conflict or competition. This chapter discusses game theory and provides an example of a two-person, zero-sum game between two competing companies, Company A and Company B, that are deciding on marketing strategies. In the example, each company can choose between three strategies and their payoffs are represented in a payoff matrix showing percentage gains or losses in market share. For both companies, the optimal strategy is to minimize their losses by selecting
- Author
- Leta
- Language
- EN