Game theory in poker involves mathematical models that help players make optimal decisions in various situations. It analyzes how players interact strategically, considering their opponents\“ possible moves and the probabilities of different outcomes.
In the context of Indian local products, we can apply similar strategic thinking. For example, when marketing traditional Indian handicrafts like Madhubani paintings or Kanchipuram silk sarees, sellers must consider competitors\“ pricing strategies, customer preferences, and market demand patterns.
Just as poker players use game theory to bluff or call bets, Indian artisans and retailers can use strategic thinking to determine when to offer discounts, how to position their products against mass-produced alternatives, and when to introduce new designs based on seasonal demand.
The Nash equilibrium concept from game theory applies well to Indian local markets, where multiple sellers often reach a stable pricing strategy that no single seller can improve by unilaterally changing their approach. |
