ECO 550 (Latest) Week 7 Case Study – Use of Game Theory to Maximize Profits

ECO 550 (Latest) Week 7 Case Study – Use of Game Theory to Maximize Profits

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The following article describes the unique boarding process used by Southwest Airlines.

https://mindyourdecisions.com/blog/2013/03/05/southwest-airlines-boarding-and-game-theory/

Use this article and three (3) others to answer the following questions in 5–7 pages:

  1. Describe the change in Southwest Airlines’ boarding process.
  2. What was Southwest’s main goal introducing the early-bird check-in?
  3. Explain how Southwest Airlines used the game theory approach to increase its profits.
    1. What is the outcome of the game involving early-bird check-in?
    2. Identify what is the passengers’ dominant strategy.
    3. Determine why travelers face the Prisoner’s Dilemma with the early-bird check-in process.

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