A platform for research: civil engineering, architecture and urbanism
A platform for research: civil engineering, architecture and urbanism
Game theory is a prominent tool to analyze strategic decision‐making, that is, decisions where the reaction of another party is of importance, just like in a chess game. Players in auctions develop their own strategies to win. Thus, game theory is an important help in understanding auctions. Auctions, on the other hand, are widely used in construction procurement. Many economists introduce game theory with an example, the prisoners' dilemma: There are two burglars in this game, Bonnie and Clyde. Bonnie and Clyde were looking at a strategic decision, and game theory is the study of strategic decision‐making. The easiest way is the trading between two individuals one offering a good and the other a price followed by some haggling about the price and finally the conclusion of the transaction. This type of procedure is called a double‐auction market.
Game theory is a prominent tool to analyze strategic decision‐making, that is, decisions where the reaction of another party is of importance, just like in a chess game. Players in auctions develop their own strategies to win. Thus, game theory is an important help in understanding auctions. Auctions, on the other hand, are widely used in construction procurement. Many economists introduce game theory with an example, the prisoners' dilemma: There are two burglars in this game, Bonnie and Clyde. Bonnie and Clyde were looking at a strategic decision, and game theory is the study of strategic decision‐making. The easiest way is the trading between two individuals one offering a good and the other a price followed by some haggling about the price and finally the conclusion of the transaction. This type of procedure is called a double‐auction market.
Game Theory and Auctions
Brockmann, Christian (author)
Construction Microeconomics ; 155-167
2023-02-28
13 pages
Article/Chapter (Book)
Electronic Resource
English
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