Abstract

http://ssrn.com/abstract=957636
 
 

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Citations (1)



 


 



Exploring Relations Between Decision Analysis and Game Theory


Jules H. Van Binsbergen


University of Pennsylvania - The Wharton School; National Bureau of Economic Research (NBER)

Leslie M. Marx


Duke University - Fuqua School of Business, Economics Group

January 16, 2007


Abstract:     
Many authors have argued that proper modeling of the strategic interaction between players requires a game theoretic approach as opposed to a decision theoretic approach. We argue in this paper, however, that there are many environments in which decision analysis can deal with strategic interactions just as well and we present equivalence results for such environments. These equivalence results allow the prescriptive decision analyst to use the standard tools that a sound decision analysis requires, including decision trees and sensitivity analysis, even when confronted with strategic settings.

Number of Pages in PDF File: 19

Keywords: Decision Analysis, Game Theory

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Date posted: January 16, 2007  

Suggested Citation

van Binsbergen, Jules H. and Marx, Leslie M., Exploring Relations Between Decision Analysis and Game Theory (January 16, 2007). Available at SSRN: http://ssrn.com/abstract=957636 or http://dx.doi.org/10.2139/ssrn.957636

Contact Information

Jules H. Van Binsbergen (Contact Author)
University of Pennsylvania - The Wharton School ( email )
3641 Locust Walk
Philadelphia, PA 19104-6365
United States
National Bureau of Economic Research (NBER)
1050 Massachusetts Avenue
Cambridge, MA 02138
United States
HOME PAGE: http://www.nber.org/people/jules_vanbinsbergen
Leslie M. Marx
Duke University - Fuqua School of Business, Economics Group ( email )
Box 90097
Durham, NC 27708-0097
United States
Feedback to SSRN


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