Anonymous2222222
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I have 2 scenarios where I have to apply aspects of game theory to suggest an optimum solution.

1) A grocery store is expanding its operations into a neighbouring town. How should the grocery store price its products? Where should the grocery store be built? What can be done to maximise payoff.

2) A firm is restructuring its organisational structure. How might a management consultant use game theory to suggest a structure that optimises employee satisfaction (direction connect to a higher up without employees feeling pressured).

I understand the scenarios lack a lot of detail but I'd appreciate if anyone could suggest elements of game theory (ideally more mathematical) which I could theoretically use. Thanks.
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mqb2766
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(Original post by Anonymous2222222)
I have 2 scenarios where I have to apply aspects of game theory to suggest an optimum solution.

1) A grocery store is expanding its operations into a neighbouring town. How should the grocery store price its products? Where should the grocery store be built? What can be done to maximise payoff.

2) A firm is restructuring its organisational structure. How might a management consultant use game theory to suggest a structure that optimises employee satisfaction (direction connect to a higher up without employees feeling pressured).

I understand the scenarios lack a lot of detail but I'd appreciate if anyone could suggest elements of game theory (ideally more mathematical) which I could theoretically use. Thanks.
Where do the questions come from / what background do you have / what have you done?
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Anonymous2222222
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(Original post by mqb2766)
Where do the questions come from / what background do you have / what have you done?
From consulting work-experience I did. No game theory was explicitly required however I've read a book and watched a couple lectures on it and was wondering how it could apply here.
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mqb2766
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(Original post by Anonymous2222222)
From consulting work-experience I did. No game theory was explicitly required however I've read a book and watched a couple lectures on it and was wondering how it could apply here.
If it comes from consulting work-experience (what is your level, what sort of an answer are you expecting, is it for you, a piece of assessed work, have you googled any of the questions?
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Anonymous2222222
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(Original post by mqb2766)
If it comes from consulting work-experience (what is your level, what sort of an answer are you expecting, is it for you, a piece of assessed work, have you googled any of the questions?
Year 13. I've googled a lot but it's hard trying to find relations to a topic you haven't studied as a whole. An ideal answer would be like - use 'xxxxxx theory' or 'xxxxx algorithm' to find the best product pricing or something on them lines. I'm not very well-versed in game theory so what I'm asking for may not be possible which is why I left the original question rather open-ended.
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mqb2766
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(Original post by Anonymous2222222)
Year 13. I've googled a lot but it's hard trying to find relations to a topic you haven't studied as a whole. An ideal answer would be like - use 'xxxxxx theory' or 'xxxxx algorithm' to find the best product pricing or something on them lines. I'm not very well-versed in game theory so what I'm asking for may not be possible which is why I left the original question rather open-ended.
You haven't said what the purpose is. It can't be related to your course, so ....
Are you doing some basic optimization (linear programming) or just normal a level maths?
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Anonymous2222222
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(Original post by mqb2766)
You haven't said what the purpose is. It can't be related to your course, so ....
Are you doing some basic optimization (linear programming) or just normal a level maths?
It's a project I'm doing to aid me with my personal statement. I do FM (so I can do linear programming) and maths A-level.
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(Original post by Anonymous2222222)
It's a project I'm doing to aid me with my personal statement. I do FM (so I can do linear programming) and maths A-level.
Ok. FWIW, I can't help thinking the effort in looking at product pricing using game theory would be beyond the payoff in writing about it on your personal statement. At a relatively simple level you could look at the prisoner dilemma, simple nash equilbirium to get a feeling about competing agents,
https://www.investopedia.com/article...nd-economy.asp
https://www.sciencedirect.com/scienc...04406821000392
but it gets complex quite quickly (second article). You could concentrate on understanding something like Bertrand competition to keep things manageable?
https://en.wikipedia.org/wiki/Bertrand_competition

For your personal statement / interview, it would arguably be better to show you have a good understanding something simpler, rather than a poor understanding of something complex.
Last edited by mqb2766; 1 month ago
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