Abstract

SOTO, Antonio  and  VALENTE, María Rosa. Game Theory: Validity and Limitations. Revista de Ciencias Sociales [online]. 2005, vol.11, n.3, pp.497-506. ISSN 1315-9518.

Abstract In the search for a greater understanding of the situations in which two or more individuals with different interests, attempt to achieve their objectives through a finite number of strategies, game theory has become an indispensable analytic tool for the resolution of these kinds of problems, and has a specially preponderant role in both economic analysis, and the managerial and business strategy field. Because of this, and within the existent global debate as to the repercussion of game theory, this documentary essay attempts to offer, from the perspectives of Nalebuff (1997) and Shubik’s (1959), some theoretical reflections which contribute to a greater understanding of the reach and limitations of this proposal. In this sense, game theory presents, within its relevant limitations, the possibility of considering individuals as hyper-rational entities that make decisions following a pre-established mathematical framework

Keywords : Game theory; strategies; conflict; negotiation.