Tuesday, January 10, 2012

Big Data and Analytics: Game Theory in Practice

This new year I have decided to concentrate in big data and advanced analytics.  Specifically, I am emphasizing the area of game theory and big data to give business insights in the area of "what if" scenarios.  This article inThe Economist on Modelling Behaviour is a good starting point. 

The objective is how to provide business insights in a rapidly changing world with big data challenges.  One of my proposed solutions is to adapt or use game theory in business analytics.  I had the fortune and privilege to be trained in game theory by Dr. Allen Whiting in the mid-1970s.  Game theory has been around since the 1940s (although there are references for as long as 1713!) and is used in 2007 Hurwiczs, Maskin and Myerson were awarded awarded the Nobel Prize in Economics "for having laid the foundations of mechanism design theory."

I will always be in debt to Dr. Whiting (former Undersecretary of State in the Kennedy and Johnson administrations) for teaching me how to do analysis in a way that has become my livelihood since the 1976. Friendship like imagination has no limits!

Link: http://www.economist.com/node/21527025


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