The principles of game theory can be used in decision making by anticipating the situation and predicting the outcome of a game. This involves studying the competition and their reaction to any situation that is presented. For instance, in the television show, Survivor, a candidate decided to 'win by losing', which set a series of events in motion that eliminated some of the competition, allowing that candidate to eventually win the game. Therefore, by using game theory, it is possible to even the score or come out on top as the winner in any contest.
Have you ever had to dissect a complicated business scenario and were confused as to where to begin,...
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