Multi-dimensional analysis of utilities in pricing game

The utility for players or agents is the quantification of their happiness or satisfaction. It can be the function of single parameter or many. In game theory literature, utility is the function of strategy they wish to play. In many cases, it is assumed that the utility for a player is the function of single strategy. In this paper, we have considered the multiple strategies of players to define their utilities. We have developed the model to analyze these utilities of players involved in pricing games (Supplier-buyer game). We have taken a numerical example to validate the model. Also we have extended our analysis to the combination of pricing and production game (Supplier-supplier game) which serves as an input for supplier selection process.