How is game theory used in business?
An example of an AI chatbot conversation about game theory applications in business.
Can you explain how game theory is applied in business decisions?
Sure! Game theory helps businesses strategize by analyzing competitive interactions and predicting outcomes.
Can you give me an example of game theory in action in a business context?
Absolutely! A classic example is pricing strategies among competing firms, where each firm's decision affects the others.
How does game theory influence negotiations?
In negotiations, game theory helps parties understand each other's strategies, leading to better outcomes for all involved.
Are there any real-world companies that use game theory?
Yes, companies like Apple and Samsung use game theory to anticipate competitors' moves in product launches and pricing.
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