Thursday, December 31, 2009

Quantum Aspects of Game Theory

Pass The Pigs by Kaptain Kobold
Attribution-NonCommercial-ShareAlike License

Hagen Lindstädt and Jürgen Müller, authors of Making Game Theory work for Managers, explain the ways in which Game Theory can be used to help business, as well as the ways managers may misuse the theory. This is also a good model for teachers to use when developing a plan to implement standards, teach content, affect student behavior and more.

One problem with using any model, is trying to cherry pick the "best, right" answer to a particular circumstance and not deviating from the plan, even when the scenario changes.

As the authors state so well, the best way to use Game Theory is to develop a "...range of outcomes".

As teachers get closer to the points where the various outcomes diverge, there is usually more data that can be used to revamp the model and hone in on the point of actual reality.
Making game theory work for managers
In times of uncertainty, game theory should come to the forefront as a strategic tool, for it offers perspectives on how players might act under various circumstances, as well as other kinds of valuable information for making decisions.
it’s often misused to provide a single, overly precise answer to complex problems.
The key is to use the discipline to develop a range of outcomes based on decisions by reasonable actors and to present the advantages and disadvantages of each option.

blog it

No comments: