Postgraduate Course: Game Theory for Business Analytics (CMSE11422)
Course Outline
| School | Business School |
College | College of Arts, Humanities and Social Sciences |
| Credit level (Normal year taken) | SCQF Level 11 (Postgraduate) |
Availability | Not available to visiting students |
| SCQF Credits | 10 |
ECTS Credits | 5 |
| Summary | This course covers an introductory level of game theory to provide analytical tools for business applications. |
| Course description |
Academic Description
Traditional research in business analytics focused on the decision theoretic perspectives, in which a single decision-making authority optimises the system as a whole under exogenous uncertainty. The past decades saw the evolution of business studies to address management problems with strategic uncertainty, in which different individuals, divisions and/or firms strategically interact with each other. Strategic interactions in multi-agent problems create new challenges for managers. As a natural quantitative analytical tool for such multi-agent decision making problems, game theory has widely and successfully been applied to the field of business management. This course introduces game theory as analytical tools and provides insights into managerial situations in order to assist with decision making when multiple agents with conflicting objectives are involved. To be more specific, it provide students with both cooperative and non-cooperative game theory based quantitative frameworks to analyse strategic interactions in economic problems and its impact on managerial decision making and to understand strategic situations in which different individuals/divisions/firms may have potentially conflicting incentives.
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Entry Requirements (not applicable to Visiting Students)
| Pre-requisites |
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Co-requisites | |
| Prohibited Combinations | |
Other requirements | For MSc Business Analytics students, or by permission of course organiser. Please contact the course secretary. |
Course Delivery Information
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| Academic year 2020/21, Not available to visiting students (SS1)
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Quota: None |
| Course Start |
Block 3 (Sem 2) |
Timetable |
Timetable |
| Learning and Teaching activities (Further Info) |
Total Hours:
100
(
Lecture Hours 10,
Seminar/Tutorial Hours 2,
Summative Assessment Hours 2,
Programme Level Learning and Teaching Hours 2,
Directed Learning and Independent Learning Hours
84 )
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| Assessment (Further Info) |
Written Exam
0 %,
Coursework
100 %,
Practical Exam
0 %
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| Additional Information (Assessment) |
Individual Assignment (100% weighting)
Assesses Learning Outcomes 1 to 4. |
| Feedback |
Feedback on formative assessed work will be provided in line the Taught Assessment Regulation turnaround period, or in time to be of use in subsequent assessments within the course, whichever is sooner. Summative marks will be returned on a published timetable, which will be communicated to students during semester. All assessments will be marked according to the University Common Marking Scheme. |
| No Exam Information |
Learning Outcomes
On completion of this course, the student will be able to:
- Identify strategic situations in which different agents have conflicting incentives
- Analyse the consequences of strategic interactions on feasible outcomes and allocations
- Understand various non-cooperative equilibrium concepts and cooperative solution concepts
- Identify the rationale of the assumptions behind game-theoretic models
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Reading List
- Watson, Joel (2012) Strategy: An Introduction to Game Theory, W.W. Norton.
- Binmore, Ken (2007) Playing for Real: A Text on Game Theory, Oxford University Press
- Moulin, Herve (1991) Axioms of Cooperative Decision Making, Cambridge University Press
- Haeringer, Guillaume (2018) Market Design: Auctions and Matching, MIT Press
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Additional Information
| Graduate Attributes and Skills |
Research & Enquiry:
On completion of the course, students should be able to:
-Understand how strategic situations can be formulated in game theory
-Understand some basic game-theoretic models to apply them to various practical situations
-Identify underlying assumptions of the theoretic models and critically evaluate their validity on applications
Personal & Intellectual Autonomy:
On completion of the course, students should be able to:
-Use the theoretical knowledge for better decision making
-Develop insights on strategic interactions and fairness in allocation problems
Communication skills
On completion of the course, students should be able to:
-Explain the implications of formal/quantitative models to general audiences
-Use formal/quantitative models to elaborate strategic concerns in managerial and economic problems
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| Keywords | Not entered |
Contacts
| Course organiser | Dr Joosung Lee
Tel: (0131 6)51 1375
Email: Joosung.Lee@ed.ac.uk |
Course secretary | Ms Emily Davis
Tel: (0131 6)51 7112
Email: Emily.Davis@ed.ac.uk |
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