Q783 - Game Theory and Decision Analysis
Game theory is concerned with the analysis of situations involving conflict and cooperation. This course will introduce the business students to the important game-theoretic solution concepts which have become indispensable research tools in supply chain and operations management. The course will cover static and dynamic complete information games for which Nash and subgame perfect equilibria are the solution concepts. The static incomplete information games will be analyzed using Bayesian Nash equilibrium. Cooperative games will be examined by using the Shapley value and nucleolus. The course will also cover incentive mechanism design and include a discussion of adverse selection and moral hazard. The final material to be covered is Bayesian decision analysis including, value of information, single- and multi-attribute utility theory and decision trees.
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