What is Game Theory & How It Can Improve Decision Making

I have recently developed a new and exciting course that focuses specifically on the intriguing subject of Game Theory, which is widely acclaimed and highly regarded in the field of Operations Research. This course delves deep into the intricate dynamics of competitive gameplay between two players, where the payoffs are completely transparent to both parties involved. The fundamental assumption underlying this course is that both players act rationally, ensuring that their decisions do not lead to self detriment.

The primary objective of this course is to familiarize students with the foundational principles of game theory, providing them with a solid understanding of its key concepts and methodologies. Throughout the course, students will explore various topics, including games with and without saddle points, the distinction between pure strategies and mixed strategies, as well as the straightforward methods for solving two by two games. Moreover, the course covers the 'Rule of Dominance' as a means to simplify games whenever feasible, along with an in-depth exploration of the modified rule of dominance.

One of the highlights of this course is its overview of Nash equilibrium, a concept that plays a pivotal role in game theory. Students will not only learn how to identify and analyze Nash equilibria in different game scenarios but also gain the ability to make strategic decisions based on the predicted outcomes. Furthermore, the course delves into more advanced topics such as Method of Oddments and the Linear Programming Approach, offering students a well-rounded understanding of game theory principles and their real-world applications.

By the end of this course, students will have acquired solid game theory foundations, equipping them with the necessary tools and knowledge to analyze and strategize in various competitive situations. Whether it be in the realms of economics, politics, or even everyday life, the principles learned in this course will undoubtedly prove invaluable. 

So, if you're ready to embark on a fascinating journey into the world of game theory, this course is the perfect opportunity to expand your horizons and enhance your decision making skills.

1. Students undertaking MBA, MS (in Management Sciences)
2. Those studying for BBA, CPA, Chartered Accountancy, Engineering, Technology, and similar.

This course taught me the basics of game theory. It was explained very well and was very informative! Thankyou sir ~ Aashritha M

1. You will go through the language of game theory and will soon start using terms like saddle point, Maximin, Minimax, Strategy, pay-offs, players, etc.
2. In this process you will get the essentials of what is known as 'two person, zero sum games, with or without saddle point.
3. The graphical and linear programming solution to games without saddle points.

You should have a basic understanding of matrix way of expressing numbers, and have access to a good internet connection.