Prisoner's Dilemma of Pricing: A Practical Lesson in Game Theory and Pricing Strategies! 📱💼 I'm excited to share a web-based mini-game I've developed that demonstrates the concept of Nash equilibrium in single period pricing strategy, this game challenges you to outsmart your competitors in the marketplace. 🔍 Game Description: You are the CEO of a mobile phone company competing in the market. Your task is to set the price for your phone without knowing the price set by your competitor. The game guides you through potential outcomes based on different pricing strategies. 💡 Understanding Nash Equilibrium: In game theory, a Nash equilibrium occurs when each player in the game makes the best possible decision for themselves, considering the decisions of the other players. Can you identify the Nash equilibrium and determine the best pricing strategy in the Ultra-Phone game? Share your thoughts and strategies in the comments below after playing the game. I'm excited to hear about your experiences and insights! This game is based on the example provided in "Game Theory Models of Pricing" by Praveen K. Kopalle and Robert A. Shumsky, from The Oxford Handbook of Pricing Management, edited by Özalp Özer and Robert Phillips, 2012. 🔗 Try the Ultra-Phone Game and see how your strategic decisions impact your company's success! #GameTheory #PricingStrategy #NashEquilibrium #Economics #WebDevelopment #BusinessStrategy
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A great decision turns complexity into clarity, both in the final decision and in the explanation of why it is the right decision, or at least why it was selected over other good choices. Here’s one way to do both:
Binstack: Making a maximal multi-dimensional decision
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Who wants to launch a new product feature that nobody uses or, worse yet, makes life difficult for customers? Not you! We often help clients turn early feature concepts into thoughtful, useful, and *usable* features through research, testing, workshopping and good ol' information architecture to make sure all the bells and whistles are in the right place. That's exactly what we did with Blaine Garrett and the rest of the super smart team at MPLSART.COM. They brought the idea and the implementation chops, and we helped them smooth out the edges by... - thinking through the step-by-step flow a user would experience - organizing all the important micro-content to make sense as a whole - connecting the new feature to the rest of their functioning site We made the new feature feel like it was always meant to be exactly where we put it. Not an afterthought or a tacked-on new thing. Together, we made the project a success AND we had fun doing it. If you're in need of this kind of support, let's talk! p.s. I'm updating my client quote templates for visibility soon. Apologies for the dizziness effect!
From fuzzy ideas to crystal-clear strategy and next steps! Common Marvel turns your abstract concepts into a winning game plan! Get in touch! https://buff.ly/3zlFZOK
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Want to know the quickest way to kill your game? 😵💫 Make your players feel like failures right from the start 😞 We learned a vital lesson with Wordgrams 👉 Our big idea: reimagine a classic word game with new mechanics. We even crafted a detailed tutorial to set up players for success. But we underestimated something crucial: the power of early wins. Players want to feel smart and successful from the get-go🏆😃 The data was clear 📈➡️ Players who successfully placed 3-5 letters in their first game stuck around. That insight led to a shift in strategy. We dialed down the tutorials and ramped up the instant gratification 😎 We wanted that first touch of the game to feel like a win🏅😄 The payoff? A solid 10% boost in Day 1 retention for Wordgrams 🔥🔥🔥 My two cents: First impressions matter. Don’t dumb games down, but don't make them an uphill battle from the start. The sweet spot 🎯 - giving players a win early on, making them feel clever, not clueless. Crafting moments of early success is critical for keeping players engaged 💪
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Your Level UP message Strategy plays a crucial role in today's online games. The second of five ways in which strategy is utilized: resource management. Resource management encompasses the allocation and usage of in-game resources. This can be currency, items, or crafting materials. Your player decides how to spend their resources, whether it's purchasing powerful weapons, investing in character upgrades, or acquiring essential consumables. Crafting-oriented games demand strategic decisions on what to craft, when, and with which materials. In survival games, managing resources such as food, water, ammunition, or currency is essential for their survival. Proper allocation and conservation of resources ensure that they can overcome challenges within the game. For them, it's a competitive advantage: Effective resource management can provide a significant edge over opponents by outmaneuvering and outlasting your opponent. This is another skill that is transferable to real life. Games involving resource management teach valuable financial literacy skills. Your gamer learns to budget, save, and allocate resources strategically. This understanding of resource value can carry over into real-world financial decisions, helping them develop responsible money management habits. We can allow our players to figure out how to allocate resources in real life. Or, we can come alongside of them and guide them in their decision making. God can help as well. His son, Jesus, talked about resource allocation in heaven. In probably His most famous message, He shared what to do in Matthew 6:19-21. Make the connection: How might we approach a conversation with our players about how they manage in-game resources? How might we use that conversation to guide their decisions regarding their time, money, and stuff? We are #ForTheGamer and help players play with purpose and win for good.
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Game Theory and Consumer Choice: Game theory explores how strategic interactions among individuals or firms influence consumer choices in various economic scenarios. #GameTheory #ConsumerChoice #CPG #MultivariateSolutions #MarketResearch https://lnkd.in/dJzf-Mx .
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Game Theory and Consumer Choice: Game theory explores how strategic interactions among individuals or firms influence consumer choices in various economic scenarios. #GameTheory #ConsumerChoice #CPG #MultivariateSolutions #MarketResearch https://lnkd.in/dJzf-Mx .
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Game Theory and Consumer Choice: Game theory explores how strategic interactions among individuals or firms influence consumer choices in various economic scenarios. #GameTheory #ConsumerChoice #CPG #MultivariateSolutions #MarketResearch https://lnkd.in/dJzf-Mx .
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Game Theory and Consumer Choice: Game theory explores how strategic interactions among individuals or firms influence consumer choices in various economic scenarios. #GameTheory #ConsumerChoice #CPG #MultivariateSolutions #MarketResearch https://lnkd.in/dJzf-Mx .
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Game Theory and Consumer Choice: Game theory explores how strategic interactions among individuals or firms influence consumer choices in various economic scenarios. #GameTheory #ConsumerChoice #CPG #MultivariateSolutions #MarketResearch https://lnkd.in/dJzf-Mx .
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Game Theory and Consumer Choice: Game theory explores how strategic interactions among individuals or firms influence consumer choices in various economic scenarios. #GameTheory #ConsumerChoice #CPG #MultivariateSolutions #MarketResearch https://lnkd.in/dJzf-Mx .
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