Game Theory and References

 ETV's Three Step Process is designed to guide companies in the development and execution of effective strategies to turn around declining trends and achieve sustainable profitable growth.  ETV utilizes financial games to simulate growth scenarios and implement necessary strategies to achieve long-term sustained results.

GAME THEORY

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Game Theory

Game theory by definition is a normative approach for determining what strategies should be followed by a person who has to consider what others are likely to do; the outcomes depend not only on what you are doing, but also on what others are doing in response (Hoch & Kunreuther, 2001, p. 10).

The American Management Association introduced the concept of game simulation to its top management team as early as 1956. According to Bass and Stogdill (1990):

“Over 30,000 executives participated in one or more of the hundreds or so business games that appeared in the first five years following the introduction by the American Management Association of its Top Management Decision Simulation (Bass & Stogdill, 1990, p. 823).

In a more descriptive way, game theory acts as a management tool, to develop scenarios by which the success of one individual or group in making decisions depends on the decisions others make as a response. The applications of game theory treat a wide class of interactions.

Game theory and game simulations may be applied in a wide range of business and applications. These include but not limited to the used in the social sciences, economics, technology, biology, political science, media and entertainment, real estate, and philosophy. In the analysis of CEOs and leaders of organizations, there are numerous socio-environmental factors to consider, such as employees, customers, vendors, business partners, management, shareholders, global market conditions, public and private markets, the economics of the organization, products and services, competition, the public media, and the investment community.

For example in one of such games managers, who are participants in the game as players, must get cooperation of other players (co-workers) to produce products, possibly made by cutting, assembling and stapling individual parts paper, to make a final product that fits a puzzle. In this type of game it becomes obvious how the group interact and able to communicate ideas accurately and effectively. 

There are many types of games that are used based on this theory and it is effective in improving corporate performance. It could assist CEOs and business leaders in simulating scenarios to better prepare them for situations that will either tempt them or divert them away from executing established long-term strategies by choosing decisions in order to reach short-term objectives.

(Source: Dr. A. Levy doctoral dissertation, 2010).

REFERENCES

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Gamification

Gamification is the use of game mechanics for consumer-oriented internet or portable mobile sites. Gamification is designed to encourage transformation through behavioral changes in order to adopt certain application. This is heavily relaying on human preprogramming behavior to engage in games and perform tasks that they would otherwise will not do voluntarily.

 

BOOKS AND PUBLICATIONS

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Publication and References

Book 1

Dr. Aaron Levy (2010).
 
Factors Influencing CEOs of Publicly Traded Companies in Deviating from Pre-Established Long-Term Strategies..
A Doctoral Research. ProQuest Publishing. Ann Arbor, MI.
 
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