From its beginnings in the early 1900s, Game Theory has been a very mathematical, technical subject. However, it also provides valuable, everyday lessons that are important for managers and executives to understand. Current books and textbooks are mostly highly mathematical, and almost all are very long. This primer will deliver a focused and precise, largely nonmathematical overview of topics in Game Theory that are directly relevant managers and professionals in many fields.
Game Theory is the science of action and reaction. While most standard economic analyses embody the science of making an optimal choice, this kind of analysis is largely undertaken in a vacuum. For example, every managerial economics textbook examines profit maximization for a firm to choose the optimal price and quantity given its cost structure and demand of its customers. However, when a firm raises or lowers its price, this is rarely the end of the story--competitors are likely to react by changing their prices and quantities as well. Game Theory adds in this extra layer of realism.
This book will teach people to think ahead and foresee possible reactions to their actions. We will examine games played against ones' competitors, against one's employees, against oneself, bargaining situations, and how to get the most out of cooperative teams. Whether making an initial venture into the world of game theory, or looking to expand upon the basics learned in a course, this survey of game theory concepts will add critical components to the reader's strategic toolbox. Additional material is posted on the book's website to facilitate learning, including videos and other learning tools.
About the Author
Dr. Mark L. Burkey is a Professor of Economics at North Carolina A&T State University. He has published papers in microeconomic theory, game theory, and spatial analysis in top journals. He has been PI or co-PI on grants funded by the National Institutes of Health and National Science Foundation. He is the coeditor of The Review of Regional Studies.
Dr. Burkey has undergraduate degrees in economics, banking, and mathematics (minor) from Appalachian State University, and MA and PhD degrees from Duke University. He won the Barry Moriarty prize for research from the Southern Regional Science Association.
Dr. Burkey has a YouTube channel and website where he delivers brief (10-20 minute) lectures on game theory, microeconomics, econometrics, and statistics at burkeyacademy.com.
Biography
Dr. Mark L. Burkey (1969- ) was born in North Carolina, USA in a small town. He attended Appalachian State University and Duke University, studying economics, mathematics, and banking. Seeing no reason to leave the great state of North Carolina, he has been teaching and living in Greensboro since 2000, living with his wife, Angela and son, Pierce. He enjoys teaching and doing research which combines theoretical models and spatial data analysis, studying topics such as alcohol consumption, payday lenders, access to health care, and red light cameras. He is Professor of Economics at North Carolina A&T State University, and the co-editor of The Review of Regional Studies, an academic journal on regional science.
