Programme And Module Handbook
 
Course Details in 2024/25 Session


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Module Title LH Game Theory and Multicriteria Decision Making
SchoolMathematics
Department Mathematics
Module Code 06 32281
Module Lead Dr Sandor Nemeth
Level Honours Level
Credits 20
Semester Semester 2
Pre-requisites LI Linear Algebra & Linear Programming - (06 25765)
Co-requisites
Restrictions None
Contact Hours Lecture-46 hours
Practical Classes and workshops-10 hours
Guided independent study-144 hours
Total: 200 hours
Exclusions
Description The first half of this module presents game theory as the study of decision-making in competitive situations. It provides an introduction to the theory of finite and infinite games with a particular emphasis on 2-person games. All results will be presented in a rigorous way and accompanied, wherever possible, by showing economic applications. This module also demonstrates that the results and concepts of other branches of mathematics (like the fixed point theorem, convexity, duality) have practical interpretation and use.

The second half of this module explores multicriteria or multiobjective optimisation where several conflicting objectives have to be optimised simultaneously: stock portfolios have to be chosen such that the portfolio maximises the return and simultaneously minimises the risk; health care has to be managed such that the service is efficient yet not too costly; hazardous material has to be transported such that risk as well as costs incurred are minimal; bridges and buildings have to be designed such that they can be built cheap but still with maximum stability etc. As such, multicriteria problems are of prime importance for decision makers in the private as well as the public sector. This module brings together various ideas from geometry and analysis in studying solutions and solution methods for multicriteria problems in management and science.
Learning Outcomes By the end of the module students should be able to:
  • Understand and use the main concepts of game theory like optimal strategies, stable sets and the core of the game
  • Formulate games from economic narratives and use a range of methods for solving these games
  • Understand and explain the basic concepts of multicriteria optimisation
  • Formulate real-world problems from management and science as multicriteria optimisation problems and be able to discuss different solution concepts
Assessment 32281-01 : Raw Module Mark : Coursework (100%)
Assessment Methods & Exceptions "2 hour Summer Examination (80%); In-course Assessment (20%). "
Other
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