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 |
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
| Not being delivered |
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
Nisan, Noam (2007), Algorithmic Game Theory Cambridge University Press (main textbook)
Laffont, Jean-Jacques, and David Martimort(2009). The theory of incentives: the principal-agent model. Princeton university press,
Watson, Joel (2012) Strategy: An Introduction to Game Theory,
Norton.Haeringer, Guillaume (2018) Market Design: Auctions and Matching, MIT Press |
Additional Information
| Graduate Attributes and Skills |
Practice: Applied Knowledge, Skills and Understanding
After completing this course, students should be able to:
Apply creative, innovative, entrepreneurial, sustainable and responsible business solutions to address social, economic and environmental global challenges.
Knowledge and Understanding
After completing this course, students should be able to:
Demonstrate a thorough knowledge and understanding of contemporary organisational disciplines; comprehend the role of business within the contemporary world; and critically evaluate and synthesise primary and secondary research and sources of evidence in order to make, and present, well informed and transparent organisation-related decisions, which have a positive global impact.
Identify, define and analyse theoretical and applied business and management problems, and develop approaches, informed by an understanding of appropriate quantitative and/or qualitative techniques, to explore
and solve them responsibly. |
| Keywords | Not entered |
Contacts
| Course organiser | Dr Tong Wang
Tel: (0131 6)51 5551
Email: Tong.Wang@ed.ac.uk |
Course secretary | Miss Emma Allison
Tel:
Email: ealliso2@ed.ac.uk |
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