Description

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From its beginnings in the early 1900s, game theory has been a very mathematical, technical subject. However, it also provides valuable, everyday lessons that are important for managers and executives to understand. But current books and textbooks are mostly highly mathematical, and almost all are very long. This book will deliver a focused and precise, but nonmathematical, overview of topics in game theory that are directly relevant to managing an organization. Game theory is the science of action and reaction. While most standard economic analyses embody the science of making an optimal choice, this kind of analysis is largely undertaken in a vacuum. For example, when a firm raises or lowers its price, this is rarely the end of the story-competitors are likely to react by changing their prices and quantities as well. Game theory adds in this extra layer of realism. It teaches managers to think ahead and foresee possible reactions to their actions.

About the Author

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Dr. Mark L. Burkey is Professor of Economics at North Carolina A&T State University. He has published papers in microeconomic theory, game theory, and spatial analysis in top journals. He has undergraduate degrees in economics, banking and mathematics (minor) from Appalachian State University, and MA and PhD degrees from Duke University. He won the Barry Moriarty prize for the best graduate student research article from the Southern Regional Science Association, and has a YouTube channel and website where he delivers brief (10-20 minute) lectures on game theory, microeconomics, and statistics (see www.burkeyacademy.com ).