Essays on Game Theory

The paper presents a review of the book known as “Wharton on Dynamic Competitive Strategy." The book is divided into four parts and 17 chapters. Part one addresses understanding the advantage in changing competitive environment, part two addresses anticipating competitor’s actions, part 3 addresses formulating dynamic competitive strategy and the last part addresses choosing among alternative competitive strategies. This paper reviews part one of the book that covers chapters one to nine. The review involves a critical evaluation of the chapters and presentation of personal views on over the content of each chapter. The book brings together an ...

Question #1

Taking into account that we have a business where units take time to produce and storage is expensive, we need to identify where a huge number of these units can be produced and stored in order to keep up with the future demand . However, it is not possible to do this, since storage cost is significantly high. Hence, the total cost is directly proportional to the storage cost. Companies are doing everything possible to reduce the total production cost according to the theory of inventory management. Companies are also facing lost sales if the demand unexpectedly goes up and ...

Does the Dominance of the Big Four Supermarkets Hinder and Damage Competition and What is in the Best Interest of the Consumer?

Introduction

Competition is the best way of ensuring the interest of market stakeholders (Stucke, 2013). Competition in the UK grocery sector has become an issue with the big four supermarkets controlling around 71.7 percent of the market. As of the end of 2015, the individual market shares of the big four supermarkets are 27.9 percent for Tesco, 16.6 percent for J Sainsbury’s, 16.4 percent for Asda, and 10.8 percent for Morrisons (Kantar World Panel, 2016). The UK ...

(Student’s Full Name)

The relationship between the United States and China has always been a strange one. This is because the United States have always struggled with the decision has to how best to deal with or approach China. Should China be seen as a threat? Or should this country be seen as an ally? In answering whether China should be perceived as a threat, experts in US foreign relations argue that a containment policy should be used to handle China as a threat to the free world as a rising military power. A containment policy adopted by ...

The institutional affiliation

1. An effective threat is cheaper that an effective promise. Explain why this is true. Provide a specific example. Threats and promises are regarded as two main strategic moves used to impact the behavior and actions of others in a bargaining relationship. That type of relationship is considered as a situation where an individual is trying to influence another person’s option of action (McClintock, Stech, & Beggan, 1987). Both threats and promises can be employed within a game-like situation to message a plan of cooperation or to operate other ("Threats, Promises, and Commitments", 2016). For instance, when a parent ...

Discussion 2 - Analysis of Bank of America

Introduction Listed as one of the largest companies in the world and in the United States, the Bank of America remains to be one of the largest multinational financial and banking services corporation in the world. In 2008 Bank of America acquired Merrill Lynch, it the biggest international wealth management institution. The company operates in an inherently oligopolistic market, with Citibank, Wells Gargo and JP Morgam Chance being its major competitors. American and global financial industries are typical examples of oligopolies, yet, the company manages to compete with its core rivals with remarkable effectiveness. Having declared  US$15.89 billion ...

Every game theory model includes players, strategies and payoffs. The players are the decision makers whose behavior we are trying to explain and predict. Strategies are the potential choices to change prices. The pay- off is the outcome or consequence of each strategy. A zero sum game is the one in which the gain of one player comes at the expense and is exactly equal to the loss of the other player. The Nash equilibrium is a situation in which each player chooses an optimal strategy given the strategy chosen by the other player. In this game where there ...

Abstract

This case presents a classic duopoly situation. Two shipping firms are in the midst of a price war over the market of containerized shipping to and from a small Caribbean Island. The case presents a table of contributions to both firms, which depend on their respective prices. The tables of contribution serve as a major basis by the concepts of price leadership; prisoner’s dilemma and Nash equilibrium are explored. The main issues addressed in the case include competitive dynamics, international case, game theory, pricing, pricing leadership, and diversity case. The setting of the case is the transportation sector. ...

There is no service or manufacturing organization that can work alone or in isolation. It always needs suppliers and a supply chain in order to function in an effectual manner. Nowadays, realties as well as trends that are prevailing in the global economy are compelling the organizations to ensure management of supply chain as an essential element of business strategy. In recent years, most organization have started relying on external supply sources, by using outsourcing in order to reduce the cost, and utilize major competencies. Supply chain perspective of operations management has become important because of the role that ...

Discussion of the Key Trends, Industrial Strategy, and Impact on Ireland Burger King

Introduction Early twentieth-century strategic business developments can hardly compare with the myriad impact and influences of major corporations today. The global economy is at once complex, fiercely competitive, and sits on a landscape filled with the unpredictability of any number of financial storms. Burger King Worldwide (BKW) as the world’s second largest fast-food hamburger chain, according to recent documentation, (Burger King Worldwide 2013) has expanded its presence in nearly ninety countries. With its main offices headquartered in Miami, Florida, BKW has led the industry’s sales in its niche of fast-food hamburgers thus accounting for 12 percent of ...

Game theory has become more and more useful in making various decisions of a company. A company need formulate the strategy it should take when facing numerous competitors. The study aims to investigate the general compatibility of single-valued solutions of core selection and aggregate monotonicity. A transferable utility cooperative game ensures that the different outcomes can be improved by a set and coalition of players. Aggregate monotonicity implies that when the grand coalition becomes more and more profitable, the other qualities should have an increased payoff (Calleja 6). Core selection and aggregate monotonicity work hand in hand to produce ...

Discussion of the Key Trends, Industrial Strategy, and Impact on Ireland Burger King

Introduction Early twentieth-century strategic business developments can hardly compare, with the myriad impacts and influences of the activities of major corporations today. The international economy is at once complex, fiercely competitive, and sits on a landscape filled with the unpredictability of any number of financial storms. Burger King Worldwide (BKW) as the globe's second-biggest fast-food hamburger chain, according to recent documentation, (Burger King Worldwide 2013) has grown its presence in nearly ninety countries. With its offices headquartered in Miami, Florida, BKW has led the industry’s sales in its niche of fast-food hamburgers thus accounting for 12 percent of ...

and Game Theory: An Article Review

Full Bibliographic Reference

Liu, Y., Tang, W., He, J., Liu, Y., Ai, T., & Liu, D. (2015). A land-use spatial optimization model based on genetic optimization and game theory. Computers, Environment, and Urban Systems, 49, 1-14.

Introduction

Objectives and Article Domain Considering the scarcity of land in the present time, it is important to strategize land usage to achieve the desired economic outcomes using the available land. As such, it is important to compact the land in order to maximize its economic use. In response to this problem, the article aimed to determine the land-use sustainability and compactness ...

QUESTION 2

Introduction Strategic management uses an organizations mission statement in order to develop procedures and policies that help an organization reach a certain goal. Strategic management techniques have been known to help organizations implement and plan projects that are designed to align with the organization’s mission statement. Strategic management techniques also help organizations reevaluate different projects in order to determine whether or not there are certain obstacles preventing them from reaching their goals. The tools and techniques of strategic management are helpful for management by providing them with information that will add value to their organization. This paper discusses ...

The concept of game theory lies on the idea of the model of rational actor beyond the restraining incarcerate in the traditional realist view of the complicated world where in the concern of an individual is less entirely with issue of conflict and as much with the issues arise from cooperation. The idea cooperation in game theory where individual with shared interest act together in attaining the common goals, also every player in game theory is rational decision maker (minimize losses and maximize gains) and intelligent. The cooperative actions of the players are the effects of the process of ...

Supply chain management is a term that is used in order to describe the activities associated with logistics, control and planning of the materials and it is also used to describe the flow of the information internally as well as externally between the organizations (Hang and Chau, 2007). It is also used in order to explain the strategic and the organizational issues that are internal to an organization (Sabri, 2015).

It also indicates interconnection of the organizations that are associated with each other via downstream as well as upstream associations between the procedures and processes that help in the ...

In the game theory, it is assumed that there are several players who are rational. They are interested in their gain in the entire process and the choices they make are geared towards their self-fulfillment. The classical example of the game theory is the prisoner’s dilemma. Two prisoners are held by security officials for a serious crime. There is no judicial evidence. Their conviction is based on both or either of the prisoners confessing to the crime. If one confesses, he gets immunity from prosecution while the other prisoner is jailed for a long time. If they both confess, they ...

Economics

Economics is a field of study that deals with analyzing the factors involved in the production, distribution and consumption of goods and services. Economics strives to explain how economies of different countries function and the interaction between different agents operating in those economies. Economics as a field of study finds application in different spheres of the society including businesses, governments, health, education, politics and other social institutions. There are two major categories in this field and they include microeconomics and macro economics.

Microeconomics and Macroeconomics

Micro economics is the branch of economics that deals with the basic elements of the economy. It deals with ...

Introduction

In any negotiation process, there are always constraints involved and decision making process involves an analysis of the gains and tradeoffs one has to go through to reach the best optimal solution.

Decision making process is not just a psychological process as perceived by many but more of a game theory because both the bidder and the negotiator are faced by various constraints, which both have to develop a model with both constraints and targets and later iterate to obtain an optimum solution. Here, again, BATNA (best alternative to a negotiated agreement) comes into play; both parties must go for a sacrifice. None ...

Spectrum Allocation in Cognitive Radio Using Potential Game Theory

Spectrum Allocation in Cognitive Radio Using Potential Game Theory Cognitive Radio is another era of remote correspondence framework that empowers unlicensed clients to adventure underutilized authorized range to improve the radio range use. The asset distribution is hard to accomplish in an element appropriated environment, in which Cognitive Radio clients take choices to choose a channel without arrangement, and respond to the natural changes. In this examination we present the game hypothesis model for effective range designation (Benmammar & Amraoui, 2013). The proposed game hypothesis model uses the hereditary calculation application to break down a radio recurrence and advance the utility ...

Following the American Psychological Association’s Guidelines

The movie “A Beautiful Mind”, directed by Ron Howard, and released in 2001 is the true story of John Forbes Nash Jr. A leading mathematician, he is as arrogant as he is brilliant. He marries a student, Alicia, and sets himself up on the fast track in mathematics, making advancements in “game theory” which earns him accolades from his peers. Eventually, Nash is visited by CIA Agent William Parcher, who attempts to recruit him work with for code-breaking activities for the U.S. government. However, evidence begins to suggest that Nash may not perceive reality as it really is. His sanity ...

The Cold war period can be described as the duration during there was political and military tension between USA and the Soviet Union. The war was between the Eastern bloc and the Western Bloc. The Eastern bloc primarily consisted of the Soviet Union, which included countries like Russia. The Western bloc, on the other hand, comprised of The United States of America and the National Alliance Treaty Organization (NATO). There are twenty-eight NATO member states, which include France, Italy, Canada, Germany, Bulgaria, Czech Republic, Greece, Hungary, Portugal and Spain, just to mention a few(Kerkendall, 2010, p. 34). It is ...

Introduction

Human interactions can be just like games. Game theory is an approach that attempts to analyze situations the same way players in a game assess situations. We face many situations, yet we do not have rules on how to handle them. Hence we wonder, what players would do if they were faced with the same situation. In a game, players make quick and strategic decisions that will help their team win. We handle real life situations just like players. The decisions we make affects our outcomes. Since we come in contact with people, game theory establishes how we can strategize with ...

Executive Summary

Saddle point approximation implementation and derivations have typically relied on tools such as Edgeworth expansions, exponential tilting, complex integration, Hermite polynomials, and other advanced notions. Saddle point approximations are very important tools used in obtaining accurate expressions for distribution functions and densities. It has been a very valuable tool in asymptotic analysis. Since the seminal paper by Daniels (1954), several techniques of accurate approximations that rely on the saddle point approximation on one way or another have been developed. The saddle point approximations, however, derived its concept from the game theory, which involved two suspected criminals under police investigations. The ...

Introduction

Game theory is the official study of engagement and cooperation. Game hypothetical perceptions apply whenever the engagements of several agents are codependent. These agents may be persons, groups, firms, or any amalgamation of these. The perceptions of game theory offer a language to express, structure, analyze, and comprehend strategic scenarios. The interior consistency and calculated fundamentals of game theory make it a key tool for modeling and scheming automated decision-making procedures in interactive environments. For instance, one might like to have well-organized request rules for an auction website or tamper-proof automatic discussions for purchasing statement bandwidth. Examination in these submissions of ...

Introduction

Amazon.com is an American online electronic commerce company based in Seattle and is the largest online based company in the United States of America. Initially, the firm started as an online book store, but later it diversified to include videos, DVDs, MP3 downloads, video games, software and electronics among others. The company also offers consumer electronics such as kindle fire tablets, fire phone, fire TV, and Amazon Kindle e-book readers and it is the largest global provider of cloud computing services. The company was founded by Jeff Bezos as the president, chairman and CEO in the year 1994 (Stone ...

Introduction

Transport for London (TFL) is a transportation agency created by the government in 2000 to manage the public transportation system. TFL is responsible for managing the London underground system, Docklands Light Railways (DLR), Tramlink, peripheral heavy rail, ticketing services, taxicab services, taxes, and road safety. As per the government ruling in the 1990s, in order to increase competition, private players were allowed an entry into the transportation market. 100% of the London underground, Tramlink and DLR are owned and operated by TFL, but London road transport consisting of bus and taxicab services is mostly contracted out to many national and ...

Introduction

The conflict in Syria has raged on for over three years now with the various warring parties actively sustaining it. It began in early 2011 as a part of the series of demonstrations dubbed as the Arab Spring witnessed globally in a number of Arabic countries. The protests were aimed at the Bashar al-Assad led government that was dubbed as tyrant and retrogressive. After various crackdowns, these demonstrations evolved to deadly armed rebellions (Cole, 2013). The armed conflict pitted various opposition groups namely; Free Syrian Army and the Islamic Front against the Syrian government and its allies such as Hezbollah. The ...

Introduction 3

Definition of large and small nations 3 Background and Theory of Alliances 3 Theories 4 a. Free-riding theory 4

Challenges Mobilizing Nations to Produce Public Goods Globally 6

b. Game Theory 6 c. Dependency theory 7 d. Pareto efficiency 8 Conclusion 8

Bibliography 10

Introduction Strategic alliances have been used over the decades by firms pursuing diverse economic goals. Strategic alliances have become an essential feature in the global economy, especially due to the challenges paused by factors such as rapid globalization. As an emerging way of action, alliances have been viewed as a solution to implementing efficient global strategies capable of enhancing growth ...

In this case, it is logical that Ray request for submissions from would be suppliers on their best offers. Additionally, Ray should make it known to all the suppliers that other suppliers have also been requested to submit quotations. In this case, Ray would have elicited competition amongst the suppliers. As such, each would strive to give the best offer that would still allow them to get profits and as such, Ray would end up receiving the lowest offer from each of the would-be suppliers. Conventionally, eliciting competition between suppliers is a sure way to ensure each supply offers the ...

Economics experiment

In this research paper, we will study the behavior of the two firms operating under oligopoly market. In other words, our research will be based on the Game Theory so as to examine the strategic behavior of the firms in an oligopoly market which we call Prisoner’s Dilemma. This economic research will help us in understanding the behavior of the firms competing under oligopoly conditions. Question: Since we all know that oligopoly market structure operates with a small number of sellers who are highly interdependent on their competitor’s pricing policy and most importantly each of the firms ...

Microeconomics

Answer 7) Allocative Efficiency: This is an economic efficiency where the producers try to satisfy the maximum want of the consumers. In other words, when the society achieves optimal distribution of goods and services, taking into account the preferences of the consumer, it is said to be allocative efficient. In the economic literature, it is defined as an economic state where the price of the product equals its marginal cost as at this point the price which the consumers are willing to pay is equivalent to the marginal utility they get from the product. Below is the ...

[Institution’s Name] The movie, ' The Princess Bride' is a fanatical fairy tale based on the novel by William Goldman. The book as by name is a romantic narrative, yet other elements of the tale enhance the reader's interest in the reading. This includes the fancy, fighting and decisive points, such the point when the outlaw Vizzini is offered two goblets of wine and must determine which one holds the poison. Herein, the writers utilizes the game theory to add in the interest of reader with logic and script. Likewise, in the referred movie a scene called battle of wits ...

Introduction

Since many kinds of sports are games, it is not surprising that examples from sports are often being used for illustration of classical problems from game theory, while game theory is, also may be applied to improve performance in sports (Chiaporri et al 12). Choice of direction of shots in tennis is often being used for understanding of mixed strategies, and, the other way around, mixed strategy have been used to explain how footballers might decide on where to spot the penalty kicks (and for goalkeepers – how to try to save them). At the same time, chess in itself ...

Barry Nalebuff and Avinash Dixit wrote a very accessible and engaging work on Game Theory, which they support as a “Guide to success in business and life“. Game theory is the psychology and mathematics of social interactions in strategic situations. Drawing from their experience and professionalism, these authors sought to ensure that their audiences learn the concepts of their book. Avinash Dixit, an economics professor at Princeton University where he offered his popular freshman course in game theory for many years, and Nalebuff a professor of management and economics at Yale School of management both practiced their preaching. While Dixit is well ...

Following the American Psychological Association’s Guidelines

Classic Free Trade Theory: Comparative Advantage Theory Economists have claimed that free trade or no intervention in international trade is good for everybody. According to them, free trade help all sides of international trade. Seller countries develop their production skills and they can specialize on certain goods. Buyer countries can receive some products that they are not specialized in. There is a main stream theory in explaining how international trade occurs: Comparative advantage theory in international trade. Basically this theory claims that each country has some adavantages in production technologies, expertise, educated human resource, and other required resources ...

Nobel Prize in 2005: R. Aumann & T. Schelling <Student’s name> <University>

Aumann, Robert John (b. 1930) - Israeli-American mathematician and Nobel Prize winner in economics in 2005 (together with Thomas Schelling) "for his work on conflict and cooperation through analysis in the framework of the theory of games." Unlike Schelling Aumann worked almost exclusively mathematical analysis of game theory. Commenting on the award of the Nobel Prize in economics, he even said that in the economy as such understands not too deep. If Schelling studied mainly strategic cooperation of the conflicting parties ( ...

Introduction

A market with few sellers is known as oligopoly market. It is a form of imperfect competition. The simplest form of oligopoly occurs when there are two sellers in the market. It is called as duopoly. The product produced and sold by the firms in an oligopolistic industry may be homogenous or differentiated. If the product produced is homogenous it is called pure oligopoly and if the products produced are differentiated then it is called differentiated oligopoly. Oligopoly is the most prevalent form of market organization in the manufacturing sector of United Sates and other countries. Some of the oligopolistic ...

- There are a few economic problems which company can face: - Adverse selection. It if form of market disorganization through asymmetric information between producers and consumers. As a result, more worth goods drive out goods with higher quality. - Next possible problem is barriers to entry and exit to the market. Company can’t have enough resource to start at current market or vise versa it can’t go out from market avoiding bankruptcy. - Unfair competition is also important problem which can negative impact on company’s results. There are some examples of unfair competition: dumping, ...

Introduction

Most video games are narrated in English and require at least basic English ability. In most games, regardless of genre, the four major language domains are included: reading, writing, speaking, and listening. With the emergence of online gaming, people from all around the world have the opportunity to communicate and strategize while being truly engaged in their task. While most of these tasks are purely for entertainment, there is often learning taking place at an efficient and enjoyable level. While developing a framework for engagement theory, Kearsley & Schneiderman (1999) suggested that: Students must be meaningfully engaged in learning activities ...

Video games are one of the most prominent mediums of entertainment for modern youth. The growing prevalence of violent content in video games has been a cause of concern among sections of the society. The subject has been researched extensively and it has been found that video games can have both, a positive as well as negative impact on the mind and behavior of players. Gee (2007) defines video gaming as a “proactive production of story elements, a visual-motoric-auditory-decision-making symphony, and a unique real-virtual story which produces a new form of performance art co-produced by players and designers”. Gee goes on to say that ...

The story mainly focuses on the John Nash’s life. In the story we see John Nash earning his PhD in mathematics from the University of Princeton after writing a thrilling thesis. His thesis that earned him Ph.D had his foundational work on the theory of noncooperative games. This thesis was published in the year 1950. The beautiful mind can be described as the story which incorporates these biographical details and which omits other characters to tell its story using invented characters and plot. This paper will comprehensively and coherently provide a summary of the movie by the title beautiful mind. ...

Schizophrenia is a complicated, terrifying disorder that is often misrepresented in popular media. It is common for the media to portray people with schizophrenia and other schizoid disorders as completely erratic, with complete and detailed audio and visual hallucinations. While individuals suffering from schizophrenia do sometimes suffer hallucinations, hallucinations are not necessary to the diagnosis of schizophrenia. Additionally, it is very rare for visual hallucinations to be detailed. John Forbes Nash Jr, one of the most brilliant mathematical minds of the twentieth century, was plagued by schizophrenia for most of his life. To understand how the disease affected him, it ...

PROFFESOR

The movie 21 The highly educational movie “21” is a story based on M.I.T students who basically counts cards so as to increase their probability of topping the Blackjack card games at casinos. Surprisingly, the movie successfully incorporated a lot of mathematics in it. This is evidenced from the obviously seen card counting. The movie begins with the introduction of a young but highly significant character referred to as Ben Campbell. Ben Campbell is depicted as a highly intelligent student, who endeavors to succeed at all cost. Ben has always yearned for a scholarship that will enable him transfer to Harvard medical ...

Question 1

In the movie, there are 3 doors, one door with a car and the other two doors with a goat on each. An individual wins the car when he selects the door behind the car. The host of the theory will never open the door with the car since he knows what is behind each door. The host Monty presents the choice for an individual to stick with door 1or else select the other doors. In Professor Rosa classroom, Ben finds himself in a fix to answer whether he could stick with door 1 or opt to chose from the other two ...

Introduction

In the movie 21, renowned Hollywood actor Kelvin Spacey plays the role of a Massachusetts Institute of Technology professor. During the opening scenes of the movie, the professor call forward one of his students, Ben and asks him to pretend that he is participating in a game show competition. He then tells him to choose one from three closed doors. Behind two of the doors is a goat and behind the third one is a car. When the student chooses one of the doors, the professor opens one of the other doors not chosen and it is observed that there is a goat behind ...

Schizophrenia is a complicated, terrifying disorder that is often misrepresented in popular media. It is common for the media to portray people with schizophrenia and other schizoid disorders as completely erratic, with complete and detailed audio and visual hallucinations. While individuals suffering from schizophrenia do sometimes suffer hallucinations, hallucinations are not necessary to the diagnosis of schizophrenia. Additionally, it is very rare for visual hallucinations to be detailed. Schizophrenia presents in many different ways, and no one is certain of what causes the disorder. It is primarily a disorder in thought processes, and as such, many of the symptoms of ...

Abstract

The purpose of this paper is to identify how the healthcare system has notable affects on social and functioning bodies dependent on the healthcare system. Healthcare is also affected by decisions from nationwide governing bodies distribute financial and medical aid where individual people can make their own decisions and play out the key microeconomic concepts to achieve the most beneficial medical plans. The healthcare system in North America constantly experiences changes to its healthcare plan regardless how protocols differ between the U.S. and Canada. The decisions implemented by individual members act as the instigators to change when they foresee ...

Main themes

The Greed of Colonialism Hochschild shows King Leopold’s greed when he sent the explorer Sir Henry Morton Stanley to collect signatures from the tribal leaders handing over their land to him, by taking advantage of their ignorance. They did not consider that the people living in Africa had their way of life and already had their own forms of government. The European colonizers did not consider the misery and pain they would be putting Africans through with their plans to take over their land. They considered Africa empty and the inhabitants primitive and uncivilized. This was not ...

Introduction

Over the years, many theories have been stipulated to explain how different things happened or happen. Different disciplines have different theories that try to explain why different things in the concept came to be. For instance, in economics, there are different theories that show different concepts. Game theory is one of these theories, and it attempts to establish logically and mathematically the strategies that different players need to have to ensure the best results in a wide range of “games.” However, all these games share a common feature. This feature is called interdependence. In that, the result for each partaker will ...

The use of game theory in international politics is not a new thing. It has been used for a long time and hence very popular (Duncan, 26). The reappearance of the theory is due to its use in the economies of international politics as well as its function in the analysis of the strategies used by military in dealing with political issues. However the game theory does not give weight to the economic status of the military during analysis .Instead, it focuses on how states understand their own politics (Duncan, 31).This one weakness the theory has. One cannot understand the ...

A Beautiful Mind is an emotional film directed Ron Howard and is based on a true story. This film tells the story a well known mathematician, John F. Nash Jr. The role is played by Russell Crow. John Nash was a very talented man who created his “game theory” known as “Nash Equilibrium” while schooling in Princeton. This was a major breakthrough in contemporary economics and it earned him a Nobel Memorial Prize in economics. Apart from having an extraordinary, Nash also suffered from a psychological disorder known as Schizophrenia.

Schizophrenia is a brain disease that affects brain function; it is defined as a cluster of disorders ...

There is no doubt that Amherst functions as a private health care institution. Speculations advanced by this literature review points toward unfolding the extent it is a private institution. This researcher’s assumption is that the extent to which Amherst is classified a private health care institution depends on an assessment concerning risks and returns exploring concepts pertaining to operations, performance, and talent.

The London School of Economics researchers confirmed that there were distinct factors relating management practices to outcomes as it pertains to financial returns in any health care institution (Dorgan et.al, 2009).Therefore, the ability to integrate risk and return ...

Abstract

OPEC is an international cartel aimed at securing interests of the oil producing countries by restricting the oil production levels. The market structure of a cartel is similar to an oligopoly, the only difference being collusion between the dominant players. The paper attempts to understand these market structures, their welfare benefits and how the firms respond in certain situations. Game theory explains the incentive for firms to cheat in a cartel. The future strategy for OPEC is suggested based on synthesis of these concepts. It includes maintaining an active dialogue, designing a detailed disincentive plan and innovation.

Keywords: collusion, cartel, OPEC, oligopoly, ...

Introduction

The Game Theory is used in experimental economics, though it can be used in a number of other social sciences. There are a number of critics that argue this theory cannot hold up since not all people present in the market economy are perfectly rational. However, there are ways to rule certain margins out. There is room for error in the experiments mentioned below. Certain studies even go into finding differences when it comes to the present data and the predicted outcome. There are ways to analyze why certain outcomes deviated from the expected results. This type of theory will help ...

Effectiveness of Team Based Rewards

Krell (2011) asserts that there is a direct relationship between an organizations high retention rate and the system of reward and recognition. In USA, people like working, and can flourish in companies that create positive environments—environments they feel they can make a difference and competent people pull towards a common goal. Reward and recognition systems are either individual based or team based. Traditionally, American companies focused on individual based because if created aggressive and motivated individuals who strived to get extra compensation on top of what they were earning (Melacon, Noble, & Noble, 2011). However, the system resulted in conflicts, negative ...

The three different theories and fields which were discussed in this paper are the Chaos theory, Topology and Game Theory. Important ideas, people and connection among the three areas of mathematics are also discussed in this paper.

Chaos theory studies the behavior of dynamic systems which depends sensitively on its initial conditions (Strevens, n.d.). Little differences in initial conditions result to an extensively different outcomes for chaotic systems, depicting long-term forecast to be impossible. This occurs even though these systems are deterministic, meaning that their future performance is completely determined by their initial conditions, with no random factors involved ( ...

In the realm of international trade, nations must work together to achieve the outcomes they are looking for. This is known as collective action. In spite of the benefits of collective action, there is a dilemma that arises in the form of nations who do not pull their weight, coming up short in the overall inventory of contributions, both in supplies and funds, to other countries it is trading with. From a liberal perspective, collective action must be taken in order to create a more just level of product and an economically stable system that benefits all. However, this cannot be done ...