Using game theory to make better decisions

Many business decisions involve competitive risks or opportunities to cooperate in negotiations or partnerships. Yet traditional risk assessment methods are inadequate for understanding what decisions should be made in such situations. Game theory can help address this shortcoming. This workshop will review why and how game theory should be used to reduce uncertainty about the actions and reactions of other “players” so that better decisions can be made. The workshop will demonstrate that game theory can be applied practically by asking and answering just five questions. With this approach, known as Strategic Gaming, we can understand how interactive, chess-like dynamics are likely to play out and gain insight into the decisions we should make as well as how to best influence other players. The workshop will also review how Strategic Gaming has been used to help many companies make high quality decisions that enabled them to shape and play the game of business effectively and capture billions of dollars in value.