On 8–9 March 2019 the World Class Workshop on Game Theory and Business Applications brought together a range of world-leading experts on game theory. They discussed the necessity of developing techniques and methods for problem-solving and decision-making that can help a business to achieve its goals in the most optimal way possible.
The conference was organised in honour of Professor Kalyan Chatterjee's 65th birthday, whose numerous contributions in this field are well-recognised. As a distinguished professor at Penn State University, his research interests include game theory and applications in industrial organisation and R&D models; decision theory; bargaining, negotiation models and experiments; and coalition formation and stability. The two-day conference was organised in five sessions, and included thirteen speakers from universities including the University of Cambridge, Yale University, and Penn State.
The talks shed light on the wide range of areas in which game theory can be employed. In his talk 'Rate this Transaction: Towards principles for the design of market feedback systems', Gary Bolton (UT Dallas) discussed the behaviour of online sellers and buyers, and its impact on feedback systems such as eBay. Joosung Lee (University of Edinburgh Business School) presented his work on 'A Rational Foundation of Impatience and Procrastination', where he talked about impatience by building on the well-known Stanford marshmallow experiment.
All talks led to open discussions among the participants, bringing together various views and opinions. Furthermore, the conference held a poster presentation, giving PhD students the opportunity to present their research and gain valuable feedback and experience.
Due to the diversity of the talks, the PhD students present were able to identify a range of topics and applications of game theory and understand its impact in management science. The conference was received well among the more than 50 attendants, which was reflected in the sessions being busy and the lively conversations during breaks. Attendees of the conference included not only staff and students from the Business School, but also from the University of Edinburgh's School of Economics, fostering relationships between schools.