DANCEST 805 Lecture Notes - Lecture 17: Game Theory, Critical Role, Homo Economicus
Document Summary
Task 9 chapter 9 & chapter 10 (bazerman & moore) summary. Chapter 9 making rational decisions in negotiations. Joint decision of two or more parties preferences concerning decision need to be identical. Otherwise negotiating necessary to reach mutually agreeable outcome. Negotiation is central to organizational life wide variety of outcomes = possible decisions and behaviors of each negotiator matter. Negotiation outcomes are affected by: one person"s decision, decision by others even more complicated than individual decision making. When negotiators improve rationality of their decisions increase likelihood of reaching agreement when wise to do so + quality of negotiated outcome. Most well-developed component of economic school of thought. Game theory, which develops mathematical models to analyze outcomes that will emerge in multiparty decision making contexts if all parties act rationally. Analyses focuses on predicting whether or not players will reach agreement and what nature of agreement it will be by attaching utility measures of outcomes.
