Game Theory for Managers

A chess game.

While game theory may sound whimsical, managers use it to conduct serious business inside and outside their firms. (Courtesy of Tamás Olajos, stock.xchng. Used with permission.)

Instructor(s)

MIT Course Number

15.040

As Taught In

Spring 2004

Level

Graduate

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Course Features

Course Highlights

Students use game theory in the interactive games they play against each other both in class and online, as described on the games page. The three team assignments include a real-world application.

Course Description

This half-term course examines the choices that we make which affect others and the choices others make that affect us. Such situations are known as "games" and game-playing, while sounding whimsical, is serious business. Managers frequently play "games" both within the firm and outside it – with competitors, customers, regulators, and even capital markets! The goal of this course is to enhance a student's ability to think strategically in complex, interactive environments. Knowledge of game theory will give students an advantage in such strategic settings. The course is structured around three "themes for acquiring advantage in games": commitment / strategic moves, exploiting hidden information, and limited rationality.

McAdams, David. 15.040 Game Theory for Managers, Spring 2004. (MIT OpenCourseWare: Massachusetts Institute of Technology), http://ocw.mit.edu/courses/sloan-school-of-management/15-040-game-theory-for-managers-spring-2004 (Accessed). License: Creative Commons BY-NC-SA


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