game theory

(noun)

A branch of applied mathematics that studies strategic situations in which individuals or organisations choose various actions in an attempt to maximize their returns.

Examples of game theory in the following topics:

  • Profit and Value

    • In neoclassical microeconomic theory, the term profit has two related but distinct meanings.
    • By extension, in Marxian economic theory, the maximization of profit corresponds to the accumulation of capital, which is the driving force behind economic activity within capitalist economic systems.
    • In interdependent markets, game theory must be used to derive a profit maximizing solution.
  • Application of Knowledge

    • A business game (also called business simulation game) refers to a simulation game that is used as an educational tool for teaching business.
    • Business games (also called business simulation game) refer to simulation games that are used as an educational tool for teaching business.
    • Theoretical instruction: The teacher goes through certain relevant aspects of a theory and participants can intervene with questions and comments.
    • Introduction to the game: The participants are told how to operate the computer and how to play the game.
    • Business game (also called business simulation game) refers to simulation games that are used as an educational tool for teaching business.
  • Causes of the bullwhip effect and counteracting the bullwhip effect

    • The bullwhip effect is caused by demand forecast updating, order batching, price fluctuation, and rationing and gaming.
    • Rationing and gaming is when a seller attempts to limit order quantities by delivering only a percentage of the order placed by the buyer.
    • The buyer, knowing that the seller is delivering only a fraction of the order placed, attempts to "game" the system by making an upward adjustment to the order quantity.
    • Rationing and gaming create distortions in the ordering information that is being received by the supply chain.
    • Discourage gaming in rationing situations by using past sales records to determine the quantities that will be delivered to customers.
  • The Beginning

    • If you are presenting to a group of Video Game Design students at your school on the topic of fun game play elements, you might use a personal experience like this: "A few years ago, everybody was talking about how awesome this new game was and how sweet the graphics were.
    • My excitement heightened as the game loaded and the intro sequence played.
    • When the game started, I was absolutely astonished...at how bad the game play was.
    • The game looked cool, but all you did was run around and hit the enemies in the head with a sword over and over again.
    • That game was not fun; let's make a game that's fun. "
  • Classical Theory of Motivation

    • The classical theory of motivation includes the hierarchy of needs from Abraham Maslow and the two-factor theory from Frederick Herzberg.
    • Maslow and the two-factor theory from Frederick Irving Herzberg.
    • Maslow's theory is one of the most widely discussed theories of motivation .
    • The theory is sometimes called the "Motivator-Hygiene Theory" or "The Dual Structure Theory. " Herzberg's theory has found application in such occupational fields as information systems and in studies of user satisfaction.
    • Maslow's theory is one of the most widely discussed theories of motivation.
  • Ouchi's Theory Z

    • Theory Z is a name applied to three distinct psychological theories.
    • Maslow in his paper Theory Z and the other is Dr.
    • According to Ouchi, Theory Z management tends to promote:
    • Much like McGregor's theories, Ouchi's Theory Z makes certain assumptions about workers.
    • Some of the assumptions about workers under this theory include:
  • MacGregor's Theory X and Theory Y

    • Theory X and Theory Y describe two contrasting models of workforce motivation applied by managers in human resource management, organizational behavior, organizational communication, and organizational development.
    • Among the many theories of motivation is Douglas McGregor's concept of Theory X and Theory Y.
    • This, in theory, sounds ideal.
    • Under Theory X, management uses control to direct behavior.
    • Differentiate between the motivators in Theory X and the motivators in Theory Y
  • Brief history of traditional approaches to job design

    • Frederick Taylor developed this theory in an effort to develop a "science" for every job within an organization (Taylorism).
    • Hertzberg's Motivation-Hygiene theory attempts to uncover psychological needs of employees and enhance employee satisfaction.
    • In regards to this theory employers are encouraged to design jobs that enhance and motivate employees beyond simply meeting a daily or weekly quota.
    • This theory highlights the importance of rewards systems and monitoring when and how employees are rewarded.
    • Simple recognition is often enough to motivate employees and increase job satisfaction (Herzberg's Motivation-Hygiene Theory).
  • Expectancy Theory

    • Expectancy Theory postulates that an individual's motivation can be derived through identifying an appropriate expectation.
    • The concept of choice is central to this theory, as there are a variety of behaviors that an individual could potentially choose.
    • Expectancy Theory boils down to a few simple variables, which in conjunction produce the projected outcome based upon the motivational inputs.
    • Expectancy Theory combines these three concepts into the conclusion that these three interactions will ultimately create a desired motivational response.
    • Understand the three relationships and four variables that result in Expectancy Theory
  • Herzberg's Two-Factor Theory

    • The Two-factor theory (also known as Herzberg's motivation-hygiene theory and Dual-Factor Theory) states that certain factors in the workplace cause job satisfaction, while a separate set of factors cause dissatisfaction.
    • Attitudes and their connection with industrial mental health are related to Maslow's theory of motivation.
    • This appears to parallel Maslow's theory of a need hierarchy.
    • Herzberg's theory attempts to uncover psychological needs of employees and enhance employee satisfaction.
    • This theory highlights the importance of rewards systems and monitoring when and how employees are rewarded.
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