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Coevolutionary Gaming Theory Can Facilitate Decision Making
Essay specific features
Written by:
Kelly M
Date added:
March 16, 2011
Level:
University
Grade:
A
No of pages / words:
4 / 968
Was viewed:
9530 times
Rating of current essay:
Essay content:
Plans and decisions made using this "vacuum" process are characteristically shortsighted at best, because they normally do not take the impact of the counterplans and actions that could possibly be taken by the affected parties into consideration.
A decision taken based on available data could turn out to be worse than just maintaining the status quo if reactionary moves are considered...
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A simple but good example of this is the decision of a market newcomer to implement price reductions in order to grab market share. Based on available data, it seems so simple a decision to just cut prices since this is probably what the data will say. However, this decision erroneously assumes that the market share leaders will just do nothing...
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