By the end of this concentration, the students will be able to:

• SLO1: state the difference between uncertainty and risk.
• SLO2: describe methods for solving decision situations/problems.
  
• SLO3: formulate decision situations/problems.
• SLO4: design intelligent decision support system.
• SLO5: develop optimization models to address decision situations/problems.
  
• SLO6:  assess the capabilities of decision support systems.
• SLO7:  lead teams and communicate effectively in writing and orally.
  

Course Description

MATH 407: Applied Game Theory                                                                                            3-0-3

Formulation of strategic and cooperative games in energy industry, such as oil & gas and electric power companies, and portfolio analysis. Dominant, optimal strategies and Nash equilibrium. Coalition formation in cooperative games is used to represent OPEC to investigate their formation. Games in characteristic function format. Concepts of solutions for games. Pareto optimal solutions, core, and Shapely value. Other cases for allocation of resources, design, supply chain will be modelled in the context of game theory.

Prerequisite: ISE 303 or STAT 361