| Issue |
SHS Web of Conf.
Volume 92, 2021
The 20th International Scientific Conference Globalization and its Socio-Economic Consequences 2020
|
|
|---|---|---|
| Article Number | 09011 | |
| Number of page(s) | 10 | |
| Section | International Relations and Globalization | |
| DOI | https://doi.org/10.1051/shsconf/20219209011 | |
| Published online | 13 January 2021 | |
Comparison of The Possibilities of Application of Spectrum and Gaming Theories in Modelling Market Economy Negotiations
1 Department of Economics Engineering, Faculty of Business Management, Vilnius Gediminas Technical Uni-versity, Saulėtekio al. 11, LT-10223 Vilnius, Lithuania
2 Department of Management, Faculty of Business Management, Vilnius Gediminas Technical University, Saulėtekio al. 11, LT-10223 Vilnius, Lithuania
3 Department of Business Technologies and Entrepreneurship, Faculty of Business Management, Vilnius Gediminas Technical University, Saulėtekio al. 11, LT-10223 Vilnius, Lithuania
* Corresponding author: k.peleckis@vgtu.lt
Research background: In negotiations, in modelling decision-making at both the individual and market levels, it is important to understand and be able to assess important aspects of economic behaviour. The theory of spectrum is proposed to be applied in modelling decision making. The object of the research is the possibilities of application of spectrum and game theories. Classical economic theory does not define subjective parameters of economic behaviour, therefore, when modelling market negotiation strategies, it is difficult to identify and evaluate appropriate parameters of economic behaviour required for decision-making in market negotiations. The spectrum theory approach can be used to model the economy, both at the individual and market levels, which is especially relevant in international business negotiations, where the modelling of solutions and various operations presents opportunities to assess subjective parameters.
Purpose of the article: The aim of the paper is to investigate and compare the application of spectral decay and gambling theories in modelling market economy negotiations. Research methods: Scientific literature analysis, comparative, logical analysis and synthesis, comparative and generalization methods, game theory, quantum cognition methods.
Findings & Value added: The article examines the basic principles of behavioural economics: the functions of assessing the psychological value and uncertainty of monetary gain or loss, how both theories take these principles into account: game and spectrum.
Key words: behavioral economics / negotiations / market / game theory / distorted market
© The Authors, published by EDP Sciences, 2021
This is an Open Access article distributed under the terms of the Creative Commons Attribution License 4.0, which permits unrestricted use, distribution, and reproduction in any medium, provided the original work is properly cited.
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