Rubric Detail A rubric lists grading criteria that instructors.docx
- 1. Rubric Detail A rubric lists grading criteria that instructors use to evaluate student work. Your instructor linked a rubric to this item and made it available to you. Select Grid View or List View to change the rubric's layout. Content Top of Form Name: ECO550 Week 7 Case Study: Use of Game Theory Description: ECO550 Week 7 Case Study: Use of Game Theory Grid View List View Unacceptable Below 70% F Fair 70-79% C Proficient 80-89% B Exemplary 90-100% A 1. Describe the change in Southwest Airlines boarding process. Points: Points Range: 0 (0%) - 17.48 (6.99%) Did not submit or did not address the subject. Feedback: Points: Points Range: 17.5 (7%) - 19.98 (7.99%) Partially describes the change in Southwest Airlines boarding process. Feedback: Points: Points Range: 20 (8%) - 22.48 (8.99%)
- 2. Satisfactorily describes the change in Southwest Airlines boarding process. Feedback: Points: Points Range: 22.5 (9%) - 25 (10%) Thoroughly describes the change in Southwest Airlines boarding process. Feedback: 2. Discusses Southwest’s main goal introducing the early-bird check-in Points: Points Range: 0 (0%) - 26.22 (10.49%) Did not submit or did not address the subject. Feedback: Points: Points Range: 26.25 (10.5%) - 29.98 (11.99%) Partially discusses Southwest’s main goal introducing the early- bird check-in. Feedback: Points: Points Range: 30 (12%) - 33.72 (13.49%) Satisfactorily discusses Southwest’s main goal introducing the early-bird check-in. Feedback: Points: Points Range: 33.75 (13.5%) - 37.5 (15%) Thoroughly discusses Southwest’s main goal introducing the early-bird check-in. Feedback: 3. Explain how Southwest Airlines used the game theory approach to increase its profits.
- 3. Points: Points Range: 0 (0%) - 34.95 (13.98%) Did not submit or did not address the subject. Feedback: Points: Points Range: 35 (14%) - 39.95 (15.98%) Partially explains how Southwest Airlines used the game theory approach to increase its profits. Feedback: Points: Points Range: 40 (16%) - 44.95 (17.98%) Satisfactorily explains how Southwest Airlines used the game theory approach to increase its profits. Feedback: Points: Points Range: 45 (18%) - 50 (20%) Thoroughly explains how Southwest Airlines used the game theory approach to increase its profits. Feedback: 4. Analyze the advantages and disadvantages of the early-bird check-in process for Southwest Airlines. Points: Points Range: 0 (0%) - 26.18 (10.47%) Did not submit or did not address the subject. Feedback: Points: Points Range: 26.25 (10.5%) - 29.92 (11.97%) Partially analyzes the advantages and disadvantages of the early-bird check-in process for Southwest Airlines. Feedback:
- 4. Points: Points Range: 30 (12%) - 33.68 (13.47%) Satisfactorily plotted the demand curve for the firm. Feedback: Points: Points Range: 33.75 (13.5%) - 37.5 (15%) Thoroughly plotted the demand curve for the firm. Feedback: 5. Suggest ways in which other companies, or the company you work for, can utilize similar game approach to maximize profits Points: Points Range: 0 (0%) - 52.35 (20.94%) Did not submit or did not address the subject. Feedback: Points: Points Range: 52.5 (21%) - 59.85 (23.94%) Partially suggests ways in which other companies, or the company you work for, can utilize similar game approach to maximize profits. Feedback: Points: Points Range: 60 (24%) - 67.35 (26.94%) Satisfactorily suggests ways in which other companies, or the company you work for, can utilize similar game approach to maximize profits. Feedback: Points: Points Range: 67.5 (27%) - 75 (30%) Thoroughly suggests ways in which other companies, or the company you work for, can utilize similar game approach to
- 5. maximize profits. Feedback: 6. Use of at least 3 academic quality references. One has been published in the last 6 months Points: Points Range: 0 (0%) - 8.72 (3.49%) Did not submit or did not include citations or references in work. Feedback: Points: Points Range: 8.75 (3.5%) - 9.98 (3.99%) Used enough references however not all were of academic quality, and one has been published in the last 6 months. Feedback: Points: Points Range: 10 (4%) - 11.22 (4.49%) Did not use enough references however all were of high quality and citations/references were appropriately done, and one has been published in the last 6 months. Feedback: Points: Points Range: 11.25 (4.5%) - 12.5 (5%) Used 3 or more academic quality reference and citations were appropriately done, and one has been published in the last 6 months. Feedback: 7. Clarity, writing mechanics, and formatting requirements Points: Points Range: 0 (0%) - 8.74 (3.5%) Student did not submit the assignment or there are so many errors that work is confusing to read. APA citation not
- 6. attempted. Feedback: Points: Points Range: 8.75 (3.5%) - 9.99 (4%) Several errors(5-6) in grammar, formatting and APA citation. Feedback: Points: Points Range: 10 (4%) - 11.24 (4.5%) A few errors (3-4) in grammar, formatting and APA citation but not so much that the reader is confused. Feedback: Points: Points Range: 11.25 (4.5%) - 12.5 (5%) Minimal (0-2) errors in grammar, formatting and APA citation. Feedback: Show DescriptionsShow Feedback 1. Describe the change in Southwest Airlines boarding process.- - Levels of Achievement: Unacceptable Below 70% F0 (0%) - 17.48 (6.99%) Did not submit or did not address the subject. Fair 70-79% C17.5 (7%) - 19.98 (7.99%) Partially describes the change in Southwest Airlines boarding process. Proficient 80-89% B20 (8%) - 22.48 (8.99%) Satisfactorily describes the change in Southwest Airlines boarding process. Exemplary 90-100% A22.5 (9%) - 25 (10%) Thoroughly describes the change in Southwest Airlines boarding process. Feedback: 2. Discusses Southwest’s main goal introducing the early-bird check-in--
- 7. Levels of Achievement: Unacceptable Below 70% F0 (0%) - 26.22 (10.49%) Did not submit or did not address the subject. Fair 70-79% C26.25 (10.5%) - 29.98 (11.99%) Partially discusses Southwest’s main goal introducing the early- bird check-in. Proficient 80-89% B30 (12%) - 33.72 (13.49%) Satisfactorily discusses Southwest’s main goal introducing the early-bird check-in. Exemplary 90-100% A33.75 (13.5%) - 37.5 (15%) Thoroughly discusses Southwest’s main goal introducing the early-bird check-in. Feedback: 3. Explain how Southwest Airlines used the game theory approach to increase its profits.-- Levels of Achievement: Unacceptable Below 70% F0 (0%) - 34.95 (13.98%) Did not submit or did not address the subject. Fair 70-79% C35 (14%) - 39.95 (15.98%) Partially explains how Southwest Airlines used the game theory approach to increase its profits. Proficient 80-89% B40 (16%) - 44.95 (17.98%) Satisfactorily explains how Southwest Airlines used the game theory approach to increase its profits. Exemplary 90-100% A45 (18%) - 50 (20%) Thoroughly explains how Southwest Airlines used the game theory approach to increase its profits. Feedback: 4. Analyze the advantages and disadvantages of the early-bird check-in process for Southwest Airlines.-- Levels of Achievement: Unacceptable Below 70% F0 (0%) - 26.18 (10.47%) Did not submit or did not address the subject. Fair 70-79% C26.25 (10.5%) - 29.92 (11.97%) Partially analyzes the advantages and disadvantages of the early-bird check-in process for Southwest Airlines.
- 8. Proficient 80-89% B30 (12%) - 33.68 (13.47%) Satisfactorily plotted the demand curve for the firm. Exemplary 90-100% A33.75 (13.5%) - 37.5 (15%) Thoroughly plotted the demand curve for the firm. Feedback: 5. Suggest ways in which other companies, or the company you work for, can utilize similar game approach to maximize profits-- Levels of Achievement: Unacceptable Below 70% F0 (0%) - 52.35 (20.94%) Did not submit or did not address the subject. Fair 70-79% C52.5 (21%) - 59.85 (23.94%) Partially suggests ways in which other companies, or the company you work for, can utilize similar game approach to maximize profits. Proficient 80-89% B60 (24%) - 67.35 (26.94%) Satisfactorily suggests ways in which other companies, or the company you work for, can utilize similar game approach to maximize profits. Exemplary 90-100% A67.5 (27%) - 75 (30%) Thoroughly suggests ways in which other companies, or the company you work for, can utilize similar game approach to maximize profits. Feedback: 6. Use of at least 3 academic quality references. One has been published in the last 6 months-- Levels of Achievement: Unacceptable Below 70% F0 (0%) - 8.72 (3.49%) Did not submit or did not include citations or references in work. Fair 70-79% C8.75 (3.5%) - 9.98 (3.99%) Used enough references however not all were of academic quality, and one has been published in the last 6 months. Proficient 80-89% B10 (4%) - 11.22 (4.49%) Did not use enough references however all were of high quality and citations/references were appropriately done, and one has
- 9. been published in the last 6 months. Exemplary 90-100% A11.25 (4.5%) - 12.5 (5%) Used 3 or more academic quality reference and citations were appropriately done, and one has been published in the last 6 months. Feedback: 7. Clarity, writing mechanics, and formatting requirements-- Levels of Achievement: Unacceptable Below 70% F0 (0%) - 8.74 (3.5%) Student did not submit the assignment or there are so many errors that work is confusing to read. APA citation not attempted. Fair 70-79% C8.75 (3.5%) - 9.99 (4%) Several errors(5-6) in grammar, formatting and APA citation. Proficient 80-89% B10 (4%) - 11.24 (4.5%) A few errors (3-4) in grammar, formatting and APA citation but not so much that the reader is confused. Exemplary 90-100% A11.25 (4.5%) - 12.5 (5%) Minimal (0-2) errors in grammar, formatting and APA citation. Feedback: Name:ECO550 Week 7 Case Study: Use of Game Theory Description:ECO550 Week 7 Case Study: Use of Game Theory Bottom of Form %7B%220.07000 %7B%220.08000 %7B%220.09000 %7B%220.00000 %7B%220.10500
- 12. %7B%220.12000 %7B%220.13500 %7B%220.00000 %7B%220.21000 %7B%220.24000 %7B%220.27000 %7B%220.00000 %7B%220.03500 %7B%220.04000 %7B%220.04500 %7B%220.00000 %7B%220.03500 %7B%220.04000 %7B%220.00000 %7B%220.04500 %7B%220.00000 CASE STUDY: USE OF GAME THEORY TO MAXIMIZE PROFITS
- 13. INSTRUCTIONS AND HINTS Due Week 7 and worth 250 points Use this article and three (3) others to answer the following questions in 5–7 pages: https://mindyourdecisions.com/blog/2013/03/05/southwest- airlines-boarding-and-game-theory/ Question 1: Describe the change in Southwest Airlines’ boarding process (10 %) Boarding prior 2007 “Cattle call” Choice of seats Problems The new boarding process Boarding groups and numbers How are groups and numbers assigned? Choice of seats How is the “cattle call” problem is solved? How the new boarding process changed the game? Time value Third-party websites Early-bird check-in
- 14. Question 2: What was Southwest’s main goal introducing the early-bird check-in? (15 %) Effect on revenue and profit Do some research on Southwest’s revenue and profit. Check the section of the article titled “The bottom line: profits, profits, profits”. Question 3: Explain how Southwest Airlines used the game theory approach to increase its profits (20 %) a. What is the outcome of the game involving early-bird check-in? Options: Pay $10 for good seat Pay $0 for a lottery style seating Check the table with outcomes and explain why early-bird check-in is the outcome of the game.
- 15. Question 3: Explain how Southwest Airlines used the game theory approach to increase its profits (20 %) b. Identify what is the passengers’ dominant strategy. Define dominant strategy. Explain why early-bird check-in is the dominant strategy for Southwest Airlines customers. Question 3: Explain how Southwest Airlines used the game theory approach to increase its profits (20 %) c. Determine why travelers face the Prisoner’s Dilemma with the early-bird check-in process. Define Prisoner’s Dilemma. Check the table with outcomes. Explain why travelers face the Prisoner’s Dilemma with early- bird check-in. Explain why travelers are essentially stuck in the early-bird check-in game. Question 4: Analyze the advantages and disadvantages of the early-bird check-in process for Southwest Airlines (15 %)
- 16. Check the section of the article titled “The bottom line: profits, profits, profits”. Questions to think about: Why travelers cannot stop playing the game? What happens when too many travelers use the early-bird check-in option? What is the probability of Southwest Airlines having a problem with early-bird check-in the future? Question 5: Suggest ways in which other companies, or the company you work for, can utilize similar game approach to maximize profits (30 %) Options: Do some research on how other airlines’ use of game theory, or Do some research on the use of game theory in sectors other than airlines. or Identify policies in the company you work for that utilize game theory approach. For example: Relationships with customers Management – employees relationships How using game theory approach affects the bottom line of the company you chose? 6. Use of at least 3 academic quality references, and one has been published in the last 3 years (5 %) Use at least three academic references. Avoid referring to Wikipedia, other encyclopedia, and dictionaries. See grading rubric for details.
- 17. 7. Clarity, writing mechanics, and formatting requirements (5 %) Grammar Clarity Organize in five section, starting with the questions followed by your answers. Use APA formatting and reference style. See grading rubric for details.