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Game Theory Work in Practice Term Paper
Pages:1 (353 words)
Subject:Mathematics
Topic:Practice Calculations
Document Type:Term Paper
Document:#57914807
A small company can slash prices and thus make crucial market inroads against major competitors, like Kiwi Airlines, or conversely a large company can make more effective use of economies of scale. Game theory is not equally useful to all industries, in general the larger the industry, the more difficult it is to create accurate scenarios, as eventually the variables that must be analyzed grow too complex and numerous. Also, the article suggests that more aggressively competitive industries, with high fixed costs, and only few 'big deals' will tend to benefit less from game theory, which may seem to somewhat undercut its statement that game theory is growing more useful today -- after all, in many industries, competition has grown even more fierce. But the consolidation of many markets, combined with the future uncertainty of how competitors and consumers will react to shifts in data seems to support the idea that game theory can be very useful to many businesses today when making…
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