Game theory in negotiation

Docs en anglais | 5 pages | 16-04-2006 | Format : | Note : Non noté

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Résumé

Investigate the use of game theory in negotiation. What are some of the ways it might be used? How is it a more effective method for producing a good outcome for a negotiator than more traditional methods? 1,500 words.

Extract:

In our case, we have to imagine a negotiation situation. It is just to imagine two parts meeting for the first time where both sides can win potential gains. The point is that none of these parts knows anything about the other, but they both have to discuss and to make decision on the belief (or nit) of the opposite part behaviour. We want to know how those parties deal with that situation and how they can analyse and/or anticipate the opposite reaction. Referring to the prisoner's dilemma that we saw in class, the question is to know “how does one side can judge whether a partner is trustworthy or predict if trust will be reciprocated.”

We have now reached the point where we can discuss of “game theory”. We understand by game theory, “a system for predicting how people should optimally behave in situations of conflict. In a typical game, decision-making "players", who each have their own goals, try to outsmart one another by anticipating each other's decisions; the game is resolved as a consequence of the players' decisions.” In fact the game theory analyses the strategies each player uses to maximize the chance of winning, and attempts to predict outcomes. It involves the fact that both sides have to organize strategies directly linked to the anticipation of others' action. The actors just try to find or notice some characteristics of their “opponent”. Those characteristics might be expressed intentionally or inherently: age, gender, ethnicity, and so on and so forth to determine a particular type; and language, facial expression to determine individuality. All those factors have an important influence on the strategic choice ...

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