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Learner Reviews & Feedback for Business Economics and Game Theory for Decision Making by Illinois Tech
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About the Course
Good decision making and strategy do not exist in isolation: the success and profitability of a business depend not only on the organization’s own strategic moves but also on those that other firms make, especially competitors. Understanding the strategic linkages among firms can therefore be immensely valuable. Economics and Game theory offer tools that can specifically enhance one's understanding and ability to exploit such strategic linkages. This course will cover one of the most crucial decisions that a firm offering a differentiated product needs to make – how to price its product. In addition, the course will demonstrate some of the consequences of governments and platforms intervening in markets, either because markets may have failed or because the rule-maker may have been persuaded to intervene by key stakeholders. Importantly, the course will layer game-theoretic considerations on top of economic considerations in the marketplace.
By the end of the course, students will be able to:
• Develop an understanding of the economic concept of elasticity and be able to utilize it in making informed decisions on how, if at all, to alter a product’s pricing.
• Identify the implications of market intervention for various stakeholders, including consumers, firms, and government, and incorporate them in analyzing potential policies.
• Identify sources of market power and solve for profit-maximizing prices.
• Classify forms of price discrimination and develop an understanding of why the practice can be beneficial in customer segmentation and price customization.
• Develop an understanding of the dynamics of oligopolistic price and quantity competition.
• Describe introductory concepts in game theory, including simultaneous games, sequential games, and auctions, as well as develop an understanding for how asymmetric information can lead to adverse selection issues.
Required Textbook: None
Software Requirements: None
To succeed in this course, learners should possess a basic foundation in economic markets and microeconomics. If you haven't yet developed these skills, we strongly recommend completing Managerial Economics: Buyer and Seller Behavior beforehand. This prior course will equip you with the necessary foundation to excel in this material.
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1 - 7 of 7 Reviews for Business Economics and Game Theory for Decision Making
By Laurence D R
•Aug 7, 2024
Liad Wagman is a great professor and he transfers his passion inspiring us, he teaches with wise, authentic, humble Leadership and Higher Purpose. I recommend him for everybody, even like me who was not in Economics before.
By Bryan G
•Dec 30, 2023
I think the game theory section could have used a bit more explaining, but overall I learned a great deal in this class and would recommend it to anyone!
By Jenny L
•Aug 16, 2024
It is a very good course, it helps a lot.
By Justin W
•Aug 18, 2024
Tough but really good
By Garen Y
•Mar 10, 2024
Wonderful course
By Jorge V
•Aug 9, 2024
excellent
By Aditya G
•Aug 27, 2024
very long vedios