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Game Theory and the Competitive Environment

Assignment Requirements
Assignment: Game Theory and the Competitive Environment
Froeb and McCann (2010) suggest that businesses in a highly competitive market must be able to recognise and respond to the moves of their opponents. For example, the profit of one firm can heavily depend on the actions of other firms. Analysing this interdependence is known as Game Theory. Studying the game allows business leaders to make educated guesses as to what might happen next in the game. More importantly, it can empower a company to change the game to its advantage. For this assignment, use approximately 1,000 words to answer two out of the three questions provided that analyse strategic behaviour and strategies.
1. Think about resources apart from human resources and intellectual capital available to a company or an organisation. Determine which resources are most likely to generate sustainable competitive advantage. Then determine if the human resources and intellectual capital are more likely to generate sustainable competitive advantage than other resources you identified. Explain your position.
2. In 1754, Jean Jacques Rousseau wrote Discourses on the Origin and Foundation of Inequality Among Men. In this publication, he described an example of two hunters who start out in the morning to hunt a stag. If they work together, they are certain to kill a stag and share the meat equally. During the hunt, the two men separate, one to drive the stag to a specific point in the forest and the other to kill it. During the separation process, each hunter has the opportunity to abandon the hunt, catch and keep a rabbit, but the stag will not be killed. Assume the following:
–Each hunter values his half of the stag at 20 units of utility.
–Each hunter values the rabbit at 8 units of utility.
–The value of having spent the day hunting and having neither half a stag nor a rabbit is 0 units of utility.
• Construct a diagram that shows the payoffs for each possible outcome.
• Does either hunter have a dominant strategy? If so, what is it?
• What is the predicted outcome of the game, and is this Nash equilibrium?
• If the game is sequential, does the predicted outcome change?
3. You are in an ultimatum game with another player. That player offers you the choice of taking $10 of a $1,000 payoff or rejecting it, in which case neither you nor the other player receives anything. If you can signal to the other player what you can accept before the offer is made, what steps can you take to remove some or all of the advantage from the other player?
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