Research or teaching oriented? Game theory models for the strategic decision-making process of universities with the external environment held neutral

A key choice that must be made by a new or young university is that of the selected balance between research and teaching on the continuum of options. We approach this choice from a strategic decision-making perspective, by implementing a game theory approach to analyse the selection process. Three main groups of players were identified: faculty members or academicians, university management members, and board of trustees' members. The decisions of these players were then analysed by the use of a Fuzzy TOPSIS method. Our findings show how, in choosing from the options continuum, the players arrived at equilibria points that best satisfied their collective perspectives as to the required balance, for the purpose of achieving optimal benefit.