Game theory (WIKIPEDIA) Loosely define, as the study of strategic decision making. Specifically, it is “the study of mathematical models of conflict and cooperation between intelligent rational decision-makers.” An alternative term suggested “as a more descriptive name for the discipline” is interactive decision theory. Game theory is mainly used in economics, political science, and psychology, as well as logic, computer science, and biology. The subject first addressed zero-sum games, such that one person’s gains exactly equal net losses of the other participant or participants. Today, however, game theory applies to a wide range of behavioral relations, and has developed into an umbrella term for the logical side of decision science, including both humans and non-humans (e.g. computers, animals).
Faceconomics– is a theory first conceived in 2006 and developed into a book project in 2010. It is an example of the ultimate multiplier effect. It consists of various demographics of users engaging the world community to expand on business, cultural, social,psychological, political,and in an international platform focusing on the globalization of markets.
The “new normal” in international business consists of new opportunities in markets that are rapidly growing and engaging the developed world through technology and social media. Emerging and frontier markets are becoming more attractive in cultivating the next generation of labor force and scholars in order to participate in economic advancement and multinational market entry worldwide.
The architects of previous generations in social capacity building, and commercial development in various countries were not expecting the Internet generation to develop social networking sites in languages that the world would understand.
Advanced economies are taking notice of building economic capacity through social media. They are also actively participating in the creation of new, innovative approaches to market entry. Alas, the world has truly become global—entertainment, education, cultural exploration, language, and marketing.
Things to ponder: In the absence of government or authority will a population continue to adhere to basic civilized principles? And if they are willing to regulate themselves in an orderly fashion? Will they eventually change their logic and strategy? And once they have figured out that their strategy is more effective? Will they return to their old ways of following the norm?
Enter Social Media faceconomics effect, in which strategy is a part of the disruption effect where people seek improvement, professionally and personally experiment, and learn about new ways that could cause an imbalance in equilibrium.
Psychology is the main driving force in disruption and achievement of hierarchy of needs. Hence, the game theory debate is rendered useless or have little effect in social media behavior world wide specially when an individual isn’t following or breaking the norm or (law,authority,control, or reward/punishment) mechanism of a society but, is simply introducing a new behavior less explored or was not privy to the general public in the past.
Faceconomics– (Generally defined) as a macro/micro economics social and economic development adaptation utilizing social media to influence changes in market development.