Maximizing gains and minimizing losses in market competition using game theory
The article discusses how game theory and simulation can be used to understand competition in markets and organizations. It focuses on a type of game called a zero-sum game, where one player's gain is another player's loss. The researchers explore strategies for minimizing losses and maximizing gains, using concepts like maxmin and min-max. They analyze different methods for solving these games, including using linear programming. The key finding is that the strategies of two players in a zero-sum game can be simulated using techniques like mixed strategies and Microsoft Excel.