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WHAT IS GAME THEORY?

Game theory is a Nobel Prize-winning branch of economics. It is the scientific modelling of interactions (‘games’) between different parties (‘players’), each pursuing their own interests. The players interact and choose their actions mindful of what the other players might think and do.

The application of game theory in business is twofold:

Firstly, game theory can be used to ‘play the game better than the other side’. It is a method for understanding the ‘rules’ of a game (e.g. a negotiation), and for finding the optimal strategy in a given stetting.

Secondly, game theory can help to structure and shape interactions with a view to steer and influence the behaviour of other players towards a desirable outcome. Thus, game theory helps to ‘change the game that’s played’.

The methodology analyses the underlying structure of the interaction and the incentives of the players involved. Based on such a game-theoretical analysis, businesses can derive recommendations to improve their business decisions in almost all areas, including:

  • The optimisation of the top and bottom line in Procurement or Sales.

  • Market entry and divestment decisions.

  • The purchase or sale of assets and business units.

  • The licensing of IP rights.

 

By using game theory, decisions become more successful and less risky. With 20 years of experience and more than 80 game theory experts, TWS Partners is the renowned market-leader for commercial applications of game theory, with our award-winning methodology and recognised thought-leadership.

MARCUS SCHREIBER

TWS Partners Founding Partner & Chief Executive Officer

Following his degree in Economics at LMU Munich, Marcus worked as Purchasing Director for Siemens. In 2001 he founded TWS Partners together with Prof. Achim Wambach (today Director of the ZEW Mannheim Centre for European Economic Research). With many years of strategic Procurement experience and industry knowledge, he specialises in applied industrial economics and market design. He also supports companies in applying game-theoretical knowledge in complex Procurement decision

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Marcus Schreiber explains game theory and how it can be applied in business