Grey Game Theory and Its Applications in Economic Decision-Making

by Zhigeng Fang, Sifeng Liu, Hongxing Shi, Yi Lin

Overview

To make the best decisions, you need the best information. However, because most issues in game theory are grey, nearly all recent research has been carried out using a simplified method that considers grey systems as white ones. This often results in a forecasting function that is far from satisfactory when applied to many real situations. Grey Ga

Product Details

ISBN-13:	9781040169278
Publisher:	CRC Press
Publication date:	04/19/2016
Series:	Systems Evaluation, Prediction, and Decision-Making
Sold by:	Barnes & Noble
Format:	eBook
Pages:	360
File size:	3 MB

About the Author

Zhigeng Fang is professor and doctoral tutor at the College of Economics and management, Nanjing University of Aeronautics and Astronautics (NUAA), China. From 1996 to 1999, he studied at Xi'an University of Technology, earning a master's degree in management science and engineering management. From 2003 to 2007, he attended NUAA, earning a doctoral degree in systems engineering. His academic part-time positions include under-secretary-general of IEEE International Professional Committee of Grey Systems; governor of the Chinese Society for Optimization, Overall Planning and Economic Mathematics; managing director of Complex Systems Research Committee; secretary-general of Grey Systems Society of China; under-secretary-general of the Systems Engineering Society of Jiangsu Province, China; deputy director of the Post-Evaluation Research Center of Jiangsu Province; deputy director of the Grey Systems Research Institute of NUAA. He is a member of Services Science Global and the Services and Logistics Technical Committee of IEEE Intelligent Transportation Systems Society. His main research directions lie in the fields of theory and methods of uncertain prediction and decision, Grey game theory, applied economic, and energy economics.

Table of Contents

Study of the Grey Matrix Game Model Based on Pure Strategy. Pure Strategy Solution of a Grey Matrix Game Based on an Interval Grey Number Not to Be Determined Directly. Grey Matrix Game Model Based on Grey Mixed Strategy. Study of Elementary Transformations of the Grey Matrix and the Invertible Grey Matrix. Matrix Solution Method of a Grey Matrix Game. Potential Optimal Strategy Solution's Venture and Control Problems Based on the Grey Interval Number Matrix Game. Concession and Damping Equilibriums of Duopolistic Strategic Output-Making Based on Limited Rationality and Knowledge. Nash Equilibrium Analysis Model of Static and Dynamic Games of Grey Pair-Wise Matrices. Chain Structure Model of Evolutionary Games Based on Limited Rationality and Knowledge. Bounded Rationality Grey Game Model of First-Price Sealed-Bid Auction.

What People are Saying About This

From the Publisher

... an excellent introductory graduate and undergraduate level text on grey game theory and its real applications in economics, management and system engineering. … This book deserves the highest rating possible because a big percentage of the actual economic problems are based on a wrong decision. ... a valuable and timely addition to the current literature on game theory. It is well-written and clearly organized with excellent figures. The style and the presentation of the text provide the reader with a broad overview of recent progress in the lively and challenging field of game theory and its applications in economic problems. This book is highly recommendable to anyone, a graduate student, a researcher or a professor who studies game theory or a director of a society or an investment man.
—Zeraoulia Elhadj, University of Tébessa, Algeria

The various means of dealing with uncertainty have been the subject of much recent online discussion, with Chinese complexity studies, particularly those under the heading of grey systems, receiving particular attention. This book presents impressive mathematical theory, with references to applications… . All the topics are treated in a fresh and stimulating way and readers are assured of their effectiveness in practice.
—Alex M. Andrew, Reading University, in Kybernetes, Vol. 39 No.7, 2010