• Dr Pramod Goyal
• Dr Shrikant Ratley
• Mr. Ganesh Waghmare

Abstract The business environment is getting more turbulent and complex today. The growth of business depends on effective tools that able to consider the effect of strategic alternative choice of regulators of the business arena and to provide strategic information system for better decision making process. Game theory analyses the behaviour of rational players as Harsanyi(1982) points out : if a psychologist attempts to explain a players move in a game, he has to describe his behaviour according to rational - normative approach or as an understandable deviation from it. Weitz and Wang (2004) studies the problem of competition along distribution channel and it demonstrate that the double marginalization is reduced by the increase of competition at retailers level. Esmaeili et.al.(2009) approaches the problem of buyer-seller relationship to the whole supply chain of business. Therefore application of game theory seems to be an effective tool for the business. Since game theory is a mathematical approach, its statistical validity in various business problems has many challenges. But its applicability in today’s world has to be established. This paper extensively analyze the review of literature regarding the application of game theory in business decision making and attempt to find its scope as an effective business tool. Key Words: Competitor, Dominance, rationale, business players

Key Words: Competitor, Dominance, rationale, business players

"Game theory as a Management Decision Tool: A Review of Literature Analysis ", International Journal of Emerging Technologies and Innovative Research (www.jetir.org), ISSN:2349-5162, Vol.5, Issue 6, page no.316-319, June-2018, Available :http://www.jetir.org/papers/JETIR1806043.pdf

"Game theory as a Management Decision Tool: A Review of Literature Analysis ", International Journal of Emerging Technologies and Innovative Research (www.jetir.org | UGC and issn Approved), ISSN:2349-5162, Vol.5, Issue 6, page no. pp316-319, June-2018, Available at : http://www.jetir.org/papers/JETIR1806043.pdf