Playing for resilience

Game theory is a branch of applied mathematics that attempts to capture behavior in strategic situations mathematically by structuring them into game-like elements. Although game theory is a useful application in the studies across many disciplines, its utility does not end there. From a rather nont...

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Bibliographic Details
Published inIndustrial Engineer Vol. 47; no. 6; p. 32
Main Authors Zhuang, Jun, Devine, Laura
Format Trade Publication Article
LanguageEnglish
Published Norcross Institute of Industrial and Systems Engineers (IISE) 01.06.2015
Subjects
Applied mathematics
Collaboration
Cooperation
Cybersecurity
Data encryption
Decision making
Disaster relief
Disasters
Emergency preparedness
Engineers
Game theory
Government agencies
Government aid
Industrial engineering
Network security
Political science
Politics
Queuing theory
Snow
Supply chains
Terrorism
United States > US
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Summary:Game theory is a branch of applied mathematics that attempts to capture behavior in strategic situations mathematically by structuring them into game-like elements. Although game theory is a useful application in the studies across many disciplines, its utility does not end there. From a rather nontechnical perspective, game theory may serve as a decision-making philosophy to many situations one may face in daily life. By applying game theory to the decisions that involve one's self and other people, one may consider himself and others as players. Thinking strategically about what the best decisions are for each player in a situation at hand may lead people to think rationally and help them discover an optimal strategy for their own decisions while being considerate of the needs and potential actions of others involved. Whether it is a simple game of chess, video games, online shopping or a corporate decision, game theory could serve as a decision-making philosophy to help produce the best outcome for industrial engineers and other decision-makers.
ISSN:2471-9579