Game Theory Essential Strategic Decision Making Essay

Game theory is essential in strategic decision making. It is a necessary tool or guideline needed for decision making in situations involving interdependence (Thomas Maurice, 2010). A time in which it was necessary and vital to make some strategic decisions was with the planning and coordinating of my wedding. Likewise, when my husband and I decided to get married, we both had different visions about how the planning process should take place in addition to the size of the budget. Unbeknownst to us, we never envisioned that we would encounter as many challenges in making as many vital decisions as we did. First and foremost, our first decision came with should we take it upon ourselves and plan our wedding without the assistance of a wedding planner and just take to the stage and plan it ourselves from beginning to end. Knowing that both my husband and I worked very demanding hours and schedules, we wondered how we would get it all done. On my end, I was all for paying someone else to facilitate and coordinate our wedding and take our thoughts and dreams and turn them into reality. However, my husband was looking at not hiring a wedding planner more so from the perspective in sparing our budget and saving more money and he thoroughly believed the money spent on the wedding planner could ve been spent elsewhere as he thought my work in event planning would prove sufficient enough. Despite, the fact that I worked just as many hours as he did, I did not thinkShow MoreRelatedStrategic Behavior And Game Theory989 Words   |  4 PagesIntroduction Strategic behavior and game theory coincide together in many ways. Strategic behavior plans happen within the confines of game theory. Silva, Mota, and Gril (2015) describe game theory and all that is involved with it as â€Å"one of the most powerful tools within social science in general and economics† (p. 421). 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