The University of California, Los Angeles provides a concise and research oriented course on the Gaming Theory, which is helpful for the purpose of establishing a relationship between the gaming theories, as applicable in the field of management. The beauty of the course lies in the way it connects the different components that exist within a management firm in its actual settings, such as customers, suppliers, competitors, the substitutors and the complementors.
The practical implication of the gaming theory when applied within the domains of management has translate itself as an utterly serious business, as it will determine the research of statistical predictions, to establish an upward trend in the business proceedings. There are two dimensions in which the interactions take place in this game. The horizontal dimension consists of those players who participate in the actual transactions made with the firm.
There is a vertical dimension, which includes those players who influence the company indirectly, but there are no transactions made with them. The horizontal dimension consists of customers and suppliers. The vertical dimension consists of the complementors and substitutors that are other firms which are involved in the game. Apart from the players who are participating in the game, there are rules by which the game is to be played.
The game theory is laid upon rules by which the game proceeds. The business holding functions through the interactions among players, leading to changes in their price of shares, rules of the game, the strategies employed for furthering your moves and the links which relate this with the other games. Game theory concepts are useful, such as collaboration among different players, predicting moves made by opponents and understanding the opponent’s strategies.
The course structure mainly leans towards qualitative content. But, yet the number of cases covered under the course duration becomes important, since it instills greater number of variations, and hence develops complicated concepts in a more practical way. Assignments are reviewed throughout the course for monitoring the learning of the student. University of California provides an excellent opportunity for students to upgrade their technical prowess and master the concepts of gaming theory.