How random tweaks in timing can lead to new game theory strategies?
Link: https://www.sciencedaily.com/releases/2019/07/190724131618.htm
The resource that this blog post seeks to analyze is the online news article titled How Random Tweaks in Timing Can Lead to New Game Theory Strategies by Santa Fe Institute. The article suggests that most models used in game theory do not reflect the relentlessly random timing of the real world (Santa Fe Institute). Specifically, the authors of the article discuss decision-making and the factors that affect it when different players receive information at the same time. Additionally, the article discusses various decision-making processes that organizations go through when they have access to information. The authors conclude by stating the importance of timing in decision-making, as well as the continuous evolution of randomness. Furthermore, the article suggests that various business environments change based on the kind of random processes that cause corporates to act in a specific manner.
The selected article connects to the game theory because it takes an interdisciplinary perspective on various fields of study, such as economics, applied mathematics, and sociology to understand the relationships between networks and behavior in the business world. Additionally, the concept has been used in different disciplines, especially economics, where it is the most notably used tool, as illustrated in the book. The economic application of the concept is valuable in the fundamental analysis of industries, as well as sectors and any other business environment that involves strategic interactions between two or more organizations. Furthermore, it discusses a strategic interaction between two or more players in a setting that has rules and outcomes, which is a concept used in game theory. In this case, the main objective of the strategic interaction is decision-making.