Live support chatStrategic Decision Making with Game Theory
In Strategic Decision Making with Game Theory, you'll learn ...
- Introductory knowledge of game theory
- Key components of game theory
- Simultaneous move games, Nash Equilibrium, and best response functions
- The Prisoner’s Dilemma Game
- Dominate Actions
Overview
Preview a portion of this course before purchasing it.
Credit: 2 PDH
Length: 21 pages
This course is an introduction to key concepts in the area of Game Theory and some of the more well-known games that are associated with the field. Game theory is a set of tools used to help analyze situations where an individual's best course of action depends on what others do or are expected to do. Game theory allows us to understand how people act in interconnected situations. Connections between people arise in all sorts of situations. Sometimes we achieve more through cooperation. Other times, conflicts arise, and individuals benefit at others' expense. Many times, there is both cooperation and conflict in a given situation.
Game theory can be very theoretical. However, in this course, we will discuss key topics of game theory and keep the discussion to a practical and applicable level. Engineers should be aware of these strategies when making corporate and even personal decisions. Understanding these concepts and strategies will assist in better anticipating reactions for other players of the game.
A two-player example problem is provided with each of the games as well as a discussion of an area of business application. It is an interesting field with many applications. As the number of players increases in these games, the computational requirements significantly increase. It is interesting, however, to think through the strategic application of these games in business applications.
Specific Knowledge or Skill Obtained
This course teaches the following specific knowledge and skills:
- The Stag Hunt Game
- The Free-Rider Game
- The Battle of the Sexes Game
- The Zero-Sum Game
- The Mixed-Strategy Nash Equilibrium
Certificate of Completion
You will be able to immediately print a certificate of completion after passing a multiple-choice quiz consisting of 10 questions. PDH credits are not awarded until the course is completed and quiz is passed.
| This course is applicable to professional engineers in: | ||
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Preview a portion of this course before purchasing it.
Credit: 2 PDH
Length: 21 pages
