Essay About Concept Of Prisoner And Strategic Decision Making

Strategic Decision Making – Essay – Gack Sarayu
Search
Essays
Sign up
Sign in
Contact us
Tweet
Index
/Business
Strategic Decision Making
Managerial Economics Written AssignmentName: Sarayu SampeenongUniversity Number: 3035507356Part I: ReflectionThe most interesting topic for me about this course is the game theory in strategic decision making. The concept of prisoner’s dilemma, Nash equilibrium, and sequencing can be really useful for real-life decision making.  However, we cannot rely only on the concept in making decision because in real-life many unexpected things can happen, but those concepts can help us form the base of our rational thinking to make a rational decision.In my opinion, the most difficult concept to understand is the concept of marginal cost. This is because when I worked on the pricing for the products and/or services in the past. I will use the figure of the average total cost as the cost to decide on pricing. When I learned about the concept that in a competitive market, the optimal supplies quantity is when marginal cost of the last unit equal to product price. I was a little bit confused. However, when I reviewed the concept again, the concept became convincing to me.To be honest, it was difficult for me to understand the logic behind Nash equilibrium too, but it became clearer when we went through all the real-life observations.Learning pointsThe first surprising but convincing conclusion is the diamond paradox. It was an eye-opener observation for me and lead me to have a better understanding about the how supply and demand determine the value and price of things.The second conclusion I really appreciate is the overall conclusion of game theory about knowing the other player’s information and rationality to determine the other player’s choices and responses. It is a straightforward and useful conclusion that applicable in many real-life situations.

Part II: Discussion questionsMy first question is about the concept of Nash equilibrium – how possible is it in reality for competing players to stop at the stable outcome? In real-life competition, are they going to be satisfied with the result that nobody wins or lose? My second question is about the phenomenon of sharing economy. How will the sharing economy shape our economy in the future? If people rely more on the services like Airbnb and Uber will it make the demand and supply of the real-estate industry and automobile industry change dramatically? And How?My last question is how we can crack the emotional value people give to the products or services with the economic concept. For example, how the middle luxury products like Coach bags or Longchamp bags that don’t have exceptional quality or artisanship when compare to the non-luxury brands can cost so much higher with the “brand” element alone.Part III: Supplementary materialsThe diminishing marginal valueI have my personal observation about the concept of diminishing marginal value. In my observation, I found that the concept can be used to explain how much people will value somethings that happen in life but only to some degree. Below are some examples from my personal life.

Continue for 2 more pages »
Read full document
Download as (for upgraded members)
Citation Generator
MLA 7
CHICAGO
(2018, 11). Strategic Decision Making. EssaysForStudent.com. Retrieved 11, 2018, from
“Strategic Decision Making” EssaysForStudent.com. 11 2018. 2018. 11 2018 < "Strategic Decision Making." EssaysForStudent.com. EssaysForStudent.com, 11 2018. Web. 11 2018. < "Strategic Decision Making." EssaysForStudent.com. 11, 2018. Accessed 11, 2018. Essay Preview By: Gack Sarayu Submitted: November 21, 2018 Essay Length: 727 Words / 3 Pages Paper type: Essay Views: 239 Report this essay Tweet Related Essays Rational Decision Making Model Q2. Explain the rational decision making model is there any other alternative to rational decision model if so explain them. Ans: The ability to make 459 Words  |  2 Pages Decision Making Being the new hire with this organization, I was asked to sit in on a meeting to observe my co-worker and a salesman that 410 Words  |  2 Pages Enhancing Strategic Decision Making at Nucor plants everyone wears green hard-hats except maintenance personnel who wear yellow so that they can be easily spotted. 18 This approach appears transferable 304 Words  |  2 Pages Strategic Decision Making in the Cuban Missile Crisis Strategic decision success is heavily reliant on the attitudes that managers take toward the decision-making process and toward the decision itself. The Cuban missile crisis 1,523 Words  |  7 Pages Similar Topics Impact Ethics On Decision Making Decision Making Model Analysis Paper Get Access to 89,000+ Essays and Term Papers Join 209,000+ Other Students High Quality Essays and Documents Sign up © 2008–2020 EssaysForStudent.comFree Essays, Book Reports, Term Papers and Research Papers Essays Sign up Sign in Contact us Site Map Privacy Policy Terms of Service Facebook Twitter