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Advantages And Limitations Of Game Theory
Advantage
Game theory assists us to learn how to approach and understand a conflict condition and to develop the decision making process
Limitation:
1. Businessmen do not contain all the knowledge necessary by the theory of games. Most often they do not identify all the strategies available to them nor do they recognize all the strategies available to their rivals
2. There is a great deal of uncertainty. Thus we always restrict ourselves to those games with known outcomes
3. The implications of the Minimax strategy is, the businessman minimizes the chance of maximum loss. This strategy is extremely conservative, for an ambitious business man.
4. The techniques of solving games concerning to mixed strategies whereas pay off matrices are rather large is extremely complicated.
5. In non-zero sum games, mathematical solutions are not usually possible. For illustration a reduction in the price of a commodity may raise overall demand. This is also not essential that demand units will shift from one firm to other.
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