Game Theory Foundations: Strategic Decision-Making and Competitive Analysis
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Description
This exam assesses understanding of game theory principles, emphasizing strategic decision-making and competitive analysis within various operational contexts.
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Exam Details
Duration: 35 minutes
Prerequisites: Economics Fundamentals, Statistical Decision Theory, Operations Research Introduction
Key Topics
- Game Theory
- Nash Equilibrium
- Dominant Strategies
- Strategic Decision-Making
- Competitive Analysis
Learning Outcomes
- Explain Game Theory Principles
- Analyze Strategic Interactions
- Discuss Competitive Outcomes
- Articulate Concepts of Equilibrium
Full Description
This exam concentrates on the foundations of game theory, focusing on strategic decision-making and competitive behavior within operations contexts. Candidates will discuss equilibrium concepts and strategic interactions.
Game theory provides analytical tools for understanding competitive dynamics in various sectors, such as market analysis and negotiation tactics. It underpins effective strategic planning.
The assessment will evaluate candidates' ability to articulate key game theory concepts, particularly Nash equilibrium and dominant strategies, and to reason through strategic dilemmas.
Candidates should familiarize themselves with both cooperative and non-cooperative game theory paradigms to engage in informed discussions.
Sample Questions
- What role does Nash equilibrium play in strategic decision-making?
- How do dominant strategies inform competitive behavior in operations?
Field: Engineering and Technology
Subfield: Industrial Engineering
Specialization: Operations Research
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