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Decision Making in Competitive Situations

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  • Lawrence Friedman

    (M & M's Candies)

Abstract

A method of making decisions in competitive situations is discussed which attempts to use analysis in a more rational manner than in the methods given by the mathematical theory of games. The method is based on two principles which have been the subject of much controversy in the field of decision theory. These principles are, (1) In any real competitive situation there is one and only one optimal course of action, and (2) In any real competitive situation there is one and only one objective function. This objective function is the maximization of expected utility. "Management Technology", ISSN 0542-4917, was published as a separate journal from 1960 to 1964. In 1965 it was merged into Management Science.

Suggested Citation

  • Lawrence Friedman, 1960. "Decision Making in Competitive Situations," Management Science, INFORMS, vol. 0(2), pages 85-93, December.
    • Handle: RePEc:inm:ormnsc:v:mt-1:y:1960:i:2:p:85-93
    DOI: 10.1287/mantech.1.2.85
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