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The Role of the Mixed Strategies and Selective Inflexibility in the Repeated Games of Business: Multiple Case Study Analysis

The Role of the Mixed Strategies and Selective Inflexibility in the Repeated Games of Business: Multiple Case Study Analysis
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Author(s): Rauno Rusko (University of Lapland, Finland)
Copyright: 2016
Pages: 15
Source title: Neuroeconomics and the Decision-Making Process
Source Author(s)/Editor(s): Bryan Christiansen (PryMarke LLC, USA) and Ewa Lechman (Gdansk University of Technology, Poland)
DOI: 10.4018/978-1-4666-9989-2.ch008

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Abstract

This chapter is focused on the possibilities of game theory as a tool of strategists to interpret practical strategic decision-making situations. Simultaneously, there is a need to simplify presentation of game theory and consider the possibilities of mixed strategies. Practical game situations are relatively complex: even the rules of the game might change during the decision-making process, or at least there is need to change several times the strategy during the game, especially in the case of repeated game. This chapter shows some practical examples how to describe the strategic game situations in a manner relatively easy to understand.

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