In everyday language, life is often said to be “just like a game”. When a football match ends, it is “game over”. In economics, we have various versions of the “Prisoners’ Dilemma” game. Moreover, the award-winning movie “A Beautiful Mind” depicts the story of John Nash, the first Nobel Laureate who is accredited to spearheading the theory.
Business competitions, stock investments, political campaigns, social interactions, the evolution of the species, and many others, can all be regarded as some kind of “game” in which agents or individuals try to do their best against others. Game theory provides a general and mathematical framework to describe and analyze how we behave in such “strategic” situations.
In a series of talk, the Society will provide some overviews of game theory. Our main goal is to understand the basic ideas with real-life applications behind the key concepts and assumptions of the models developed in this school, such as Nash equilibrium, Shapley value, rationality, and conflicts and cooperations. Our speakers may use some mathematics, but the emphasis will be on the practical use of the theory. They are ideal for those who are looking for an understanding of the practicality of game theory to investments or business decisions.
In this mini series, we will cover:
1. Session One – Game Theory: A Language of Competition and Cooperation
By: Prof. Wooyoung Lim, Associate Professor of Economics, School of Business and Management, The Hong Kong University of Science and Technology
1.1. Basic concepts of game theory
1.2. Importance of game theory
1.3. A few practical examples of game theory including mechanism design (auction design) and market design (school matching and kidney exchange).
2. Session Two - Competition, Cooperation, and Rational Choice
By: Mr. Aloysius Lui, Sessional Lecture, Department of Business Administration, Hong Kong Shue Yan University
2.1. A brief introduction of two main classes of games, non-cooperative and cooperative games.
2.2. A market with two players will be used to illustrate non-cooperative games and the concept of Nash equilibrium.
2.3. The Paris Agreement and China's Belt and Road Initiative will be used to illustrate how concepts of cooperative games can be applied in real-life. Shapley value as a solution concept will be introduced.
3. Session Three - How Not to Win a Game? - Strategic Moves and Rationality in Games
By: Dr. Fred Ku, Senior Lecturer, Assistant Dean (Undergraduate Studies), Director, Integrated BBA Programme, The Chinese University of Hong Kong
3.1. Strategic moves in games
3.2. How “strategic” are decision-makers?
- This Series is exclusively for CFA Society Hong Kong members only. Society staff will verify the membership status of each registrant.
- Upon registration on the Zoom platform, each registrant will be given a unique link for each session, please do not share the link with others.
- Participants who complete all 3 sessions will be awarded a Letter of Completion issued by CFA Society Hong Kong.
Prof. Wooyoung Lim
Associate Professor of Economics, School of Business and Management
The Hong Kong University of Science and Technology
Prof. Lim is Associate Professor of economics in the School of Business and Management, The Hong Kong University of Science and Technology. He received his PhD from University of Pittsburgh. Wooyoung’s research interests are game theory and behavioral and experimental economics.
Prof. Lim has been writing several articles in game theory and experimental economics about strategic information transmission, emergence of grammar in the laboratory, public goods games, vaccination games and herd immunity, evolutionary game theory, etc.
Mr. Aloysius Lui
Department of Business Administration
Hong Kong Shue Yan University
Mr. Lui has four decades of experience with professional firms, Asian conglomerates, and Fortune 500 companies in Hong Kong, Canada, China, and Southeast Asian countries. He had held management positions across multiple business functions in the public accounting, aquaculture, oil and gas, engineering, packaging, and real estate industries. He is currently a research fellow at the SRS Consortium for Advanced Study in Dynamic Cooperative Games, a research centre dedicated for frontier game theoretic research, and a sessional lecturer at Hong Kong Shue Yan University, teaching game theory and management courses. Aloysius received his BA (Hons) and MA degrees in economics and an MBA from York University, Canada, and a MA in comparative Asian studies from the University of Hong Kong. His latest publications include a book chapter on dynamic cooperative games (co-authored), “China’s Belt-Road Initiative: The Political Economy of Coordinated Coalitional Cooperation”.
Dr. Fred Ku
Senior Lecturer, Assistant Dean (Undergraduate Studies)
Director, Integrated BBA Programme
The Chinese University of Hong Kong
Dr. Fred Ku, currently Assistant Dean and Co-Director of the Integrated BBA programme, joined CUHK Business School in 2009. He received his PhD degree from the Hong Kong University of Science and Technology.
With expertise in business economics, he teaches economics and business analytics courses for EMBA, MBA, MAcc and UG programs. Dr. Ku has authored a book on economics and has also been an active case contributor to international economics textbooks. As a pioneering educator, he supervised the production of more than 10 video teaching cases and a business simulation game. His prominent contribution to teaching and learning has been recognised by the CUHK Vice-Chancellor’s Exemplary Teaching Award (2013 and 2018) and the CUHK Business School Faculty Teaching Excellence Award 2018-19.
Dr. Ku is a believer and advocate of creating social value through business education. He’s the Project Leader of Business Education for Social Good (BESGO) Programme.