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Open Access Journal Article

Decision Analysis and Game Theory in Operations Research

by Sarah Anderson 1,*
1
Sarah Anderson
*
Author to whom correspondence should be addressed.
ORS  2020 2(1):6; https://doi.org/10.69610/j.ors.20200223
Received: 2 January 2020 / Accepted: 23 January 2020 / Published Online: 23 February 2020
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Abstract

The paper delves into the intersection of Decision Analysis and Game Theory within the domain of Operations Research. Decision Analysis offers structured approaches to making decisions under uncertainty, while Game Theory provides frameworks for understanding strategic interactions among multiple players. The study examines how these two disciplines can be synergistically applied in operational settings. We explore various decision analysis techniques such as the Expected Value with Perfect Information (EVPI), the Expected Utility model, and Sensitivity Analysis in the context of competitive environments. Game Theory, on the other hand, is used to analyze the strategic interplay between decision-makers, including concepts like Nash Equilibrium, Dominant Strategies, and Subgame Perfect Equilibrium. The integration of these tools is demonstrated through case studies in supply chain management, project scheduling, and competitive pricing. The findings highlight the importance of considering both the strategic behavior of stakeholders and the uncertainty inherent in operational decisions. This synthesis provides a comprehensive view of how Operations Research can be enhanced by the combined application of Decision Analysis and Game Theory.

Keywords: Decision Analysis; Game Theory; Operations Research; Strategic Interactions; Uncertainty Management.;
Copyright: © 2020 by Anderson. This is an open-access article distributed under the terms of the Creative Commons Attribution License (CC BY) (Creative Commons Attribution 4.0 International License). The use, distribution or reproduction in other forums is permitted, provided the original author(s) or licensor are credited and that the original publication in this journal is cited, in accordance with accepted academic practice. No use, distribution or reproduction is permitted which does not comply with these terms.
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APA Style
Anderson, S. (2020). Decision Analysis and Game Theory in Operations Research. Operations Research and Statistics, 2(1), 6. doi:10.69610/j.ors.20200223
ACS Style
Anderson, S. Decision Analysis and Game Theory in Operations Research. Operations Research and Statistics, 2020, 2, 6. doi:10.69610/j.ors.20200223
AMA Style
Anderson S. Decision Analysis and Game Theory in Operations Research. Operations Research and Statistics; 2020, 2(1):6. doi:10.69610/j.ors.20200223
Chicago/Turabian Style
Anderson, Sarah 2020. "Decision Analysis and Game Theory in Operations Research" Operations Research and Statistics 2, no.1:6. doi:10.69610/j.ors.20200223

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ACS Style
Anderson, S. Decision Analysis and Game Theory in Operations Research. Operations Research and Statistics, 2020, 2, 6. doi:10.69610/j.ors.20200223
AMA Style
Anderson S. Decision Analysis and Game Theory in Operations Research. Operations Research and Statistics; 2020, 2(1):6. doi:10.69610/j.ors.20200223
Chicago/Turabian Style
Anderson, Sarah 2020. "Decision Analysis and Game Theory in Operations Research" Operations Research and Statistics 2, no.1:6. doi:10.69610/j.ors.20200223
APA style
Anderson, S. (2020). Decision Analysis and Game Theory in Operations Research. Operations Research and Statistics, 2(1), 6. doi:10.69610/j.ors.20200223

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