Part A
Reflect on any life experiences (may, but do not have to use saving money through payroll bonuses as a nurse, or from the stimulus checks given this year by the government for COVID, etc.). Discuss an instance in your life in which you used game theory to earn or save money. Did you realize you were implementing game theory in the situation? How did the outcome benefit you at that moment and in the future?
Part B
Respond to the following post from a student. May respond in any manner desired as long as the responds is clearly a responds to the information contained in the post.
Use AT LEAST one reference & use in-text citation.
In my personal life I had the opportunity for a promotion to supervisor of hospital care management. In this role I would overlook all register nurse (RN) case managers (CM) for the hospital I work for. In this role, I was told that I would be able to negotiate my pay. After reading the article on game theory I realize I used the theory related to job negotiation. According to the reading, to receive higher salary through negotiations an individual must minimize risk and make the first offer (Duronio, 2012). The reading also suggests maintaining a reciprocal relationship during negotiations (Duronio, 2012). Prior to negotiations I researched my current income with overtime prior to accepting a salary role so I was able to make the first offer and minimize risk. Our human relations business partner then began the negotiation process. I continued the negotiations utilizing my research of what others in my field made with my experience.
The following are the reference the student reported using.
Duronio, B. (2012, April). 7 Easy Ways To Use Game Theory To Make Your Life Better.
Retrieved from https://www.businessinsider.com/how-to-use-game-theory-to-your-
benefit-2012-4?op=1
Part C
Using the Topic Material “Game Theory,” discuss your perspective on the use of game theory. How do “Nash equilibrium” and the idea of one “player” impacting another “player” within an organization affect the economic decisions and growth of an organization?
Read “Game Theory,” by Dixit and Nalebuff (2008), in The Concise Encyclopedia of Economics, located on the Library of Economics and Liberty website.
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