What are the applications of game theory in business?
An example of an AI chatbot conversation about applications of game theory in business.
What are the applications of game theory in business?
Game theory is used in business for strategic decision-making, pricing strategies, and competitive analysis.
Can you give me an example of game theory in pricing strategies?
Sure! Companies often use game theory to set prices based on competitors' pricing, anticipating their moves.
How does game theory help in negotiations?
In negotiations, game theory helps parties understand each other's strategies and potential outcomes, leading to better deals.
What are some real-world examples of game theory in action?
Real-world examples include OPEC's oil production decisions and companies like Apple and Samsung in tech competition.
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