← Back to Top 25 List

Expert Review: Business Economics and Game Theory for Decision Making

By Prosun • December 21, 2025

Course Overview

This course, provided by Illinois Tech, is characterized by its rigor and practical application focus. The curriculum covers essential concepts: Good decision making and strategy do not exist in isolation: the success and profitability of a business depend not only on the organization’s own strategic moves but also on those that other firms make, especially competitors. Understanding the strategic linkages among firms can therefore be immensely valuable. Economics and Game theory offer tools that can specifically enhance one's understanding and ability to exploit such strategic linkages. will cover one of the most crucial decisions that a firm offering a differentiated product needs to make – how to price its product. In addition, the course will demonstrate some of the consequences of governments and platforms intervening in markets, either because markets may have failed or because the rulemaker may have been persuaded to intervene by key stakeholders. Importantly, the course will layer gametheoretic considerations on top of economic considerations in the marketplace. By the end of the course, students will be able to: • Develop an understanding of the economic concept of elasticity and be able to utilize it in making informed decisions on how, if at all, to alter a product’s pricing. • Identify the implications of market intervention for various stakeholders, including consumers, firms, and government, and incorporate them in analyzing potential policies. • Identify sources of market power and solve for profitmaximizing prices. • Classify forms of price discrimination and develop an understanding of why the practice can be beneficial in customer segmentation and price customization. • Develop an understanding of the dynamics of oligopolistic price and quantity competition. • Describe introductory concepts in game theory, including simultaneous games, sequential games, and auctions, as well as develop an understanding for how asymmetric information can lead to adverse selection issues. Required Textbook: None Software Requirements: None To succeed in , learners should possess a basic foundation in economic markets and microeconomics. If you haven't yet developed these skills, we strongly recommend completing Managerial Economics: Buyer and Seller Behavior beforehand. This prior course will equip you with the necessary foundation to excel in this material.