Think of a time when you were involved in strategic decision making. This could be a business situation or a personal situation. It could be anything from purchasing inputs for a manufacturing firm to trying to divide up household chores. Strategy is huge in sports – Should we punt or go for it on 4th?
1. Discuss your dominant strategy for the situation.
2. What was the other person’s dominant strategy?
3. What was your unique solution?
4. Were you happy with the outcome?
5. If someone was unhappy with the outcome, help your classmates figure out what their dominant strategy should have been.
Please answer each part of the questions and use game theory terminology. Make sure that you have an adversarial situation with at least two parties.