- The Science of Winning -
(GAME THEORY... The Science of Winning)
Traditional economic game theory looks at the studies players can use to
win ... making it ideal for the complex interactions of a networked
economy. Originally developed as a branch of mathematics in the 1940's,
game theory reduces complex interactions to simplified grids showing
likely payoffs or liabilities from any given move. In 1994 economist
John Harsanyi, John Nash and Reinhard Solten won Nobel Prizes for
building workable economic tools from von Neumann's insights. The
classic use is to analyze how a company and it's competitors might react
to a given new strategy or set of events. The challenge, in an ever more
complex networked economy, is to figure out what all the factors, moves
and players might be [Information is defined as "A message that reduces
uncertainty."
Copyright, 1998
Galiel Institute Inc., all rights reserved