Strategy Part II - Game Theory
14. March 2024
As we learned in the first part of the blog "Strategy - an introduction", strategy is a general plan to achieve an overall goal or vision under uncertain conditions.
In economics, attempts are made to better assess these uncertain conditions by using game theory to predict market movements and interactions between rational actors. Game theory goes back to the mathematician John von Neumann, who in 1928 investigated how parlor games (e.g. chess and "bluffing" in poker) can be solved mathematically by relating the decisions of several participants to one another.
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