1) Game theory is a way to consider the impact of games on business.
2) Game theory has been used to plan warfare strategies.
3) Game theory is not very useful during Union negotiations.
4) The cornerstone of game theory is Harsanui equilibrium and Harsanui bargaining problems.
5) Game models are classified by the number of players, the maximum payoffs, and the likelihood of each outcome.
6) In a zero-sum game, what one player gains is lost by the other.
7) In a competitive business market, one company’s strategy might be to minimize its potential losses.
8) In a competitive business market, one company’s strategy might be to maximize its minimum profits.
9) The minimax criterion is equivalent to maximizing one’s minimum gains.
10) Minimizing one’s maximum losses is identical to maximizing one’s minimum gains.
11) The upper value of the game is selected as the minimum of the maximum numbers in a column.
12) The lower value of the game is selected as the maximum of the minimum numbers in a row.
13) If the upper value of the game is larger than the lower value of the game, a saddle point condition exists.
14) The value of a two-person pure strategy game is equal to the lower value of the game.
15) When there is no saddle point, the game is a mixed strategy game.