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A tort in common law is defined as a civil wrong that involves a breach of civil duty owed to someone else. This is in exception to contractual duty. A tort is similar to crime but crimes involve breach of duties toward the society in general. The aggrieved party who has been injured due to a […]

As we have discussed about Auction games in our previous articles, we shall now speak about the background of these auction games. We have discussed that there are 4 types of auctions First Price Auction; Second Price Auction: All-Pay Auction: Lottery: In these type of auctions we have seen that in the First Price Auction, […]

Stage-Gate Model is a product innovation process which is a carefully designed business process. The need for a process like Stage-Gate Processis more than obvious from the fact that in many organizations, the research teams come up with new product ideas every now and then. In order that an idea actually transforms into a product or […]

Game Theory is a set of strategic models where hypothetical situations are simulated. The people who are part of the game will have to act in these situations and arrive at situations by making choices. The choice that one of the players makes is dependant on the choice the other players make. This makes Game Theory […]

Game Theory is a set of strategic models where hypothetical situations are simulated. The people who are part of the game will have to act in these situations and arrive at situations by making choices. The choice that one of the players makes is dependant on the choice the other players make. This makes Game Theory […]