Employing Game Theory for Decision-Making in the field of Business at the University of Bahrain

Sakhir – University of Bahrain (Khadija Abdul Salam)
5 April 2022

Commercial Counselor at the Turkish Embassy in Manama, Guzin Bayar, emphasized the importance of game theory in developing methods for analyzing how people make decisions when the consequences are affected by the decisions of others, and how to use these methods to analyze strategic and informatic questions.
This came during a “Game Theory” symposium that was recently organized by the Department of Economics and Finance at the College of Business Administration at the University of Bahrain, which was attended by more than 30 students.
Bayar explained that the game theory is based on a mathematical analysis of situations in order to reach the best possible options before making the appropriate decision for all parties, to reach the desired results. The theory’s applications appear in many sciences such as economics, politics, computer science, international relations, sociology, and business administration.
She added that game theory studies decision-making in situations in which individuals’ choices affect each other. It also analyzes events and decisions in many dimensions, to discover all relevant factors and actors, and take into account the links and interactions between actors and decisions. This helps to think about issues systematically, analyze issues better, provide more effective responses, and predict two or more steps forward to uncover dimensions of the problem that cannot be observed at first sight.
The lecture also presented a number of examples of game theory strategies, including a strategy in historical and military sciences and wars, such as the “land of death” strategy applied by Commander Tariq bin Ziyad in the conquest of Andalusia, where he burned the fleet of ships so that his army would have nothing left but to fight, as he deliberately created a situation that had no retreat, either victory or martyrdom, and victory was his ally.
The symposium was moderated by Assistant Professor at the Department of Economics and Finance, Dr. Sarah Mohammad Al-Faihani, stressing the college’s keenness to organize seminars that contribute to enhancing students’ various creative and innovative abilities to benefit from and apply them in the future labor market. Bayar answered students’ questions about the use of game theory strategies in various sciences, such as the strategy of domination and the strategy of monopoly in the world of economics.

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