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Game Theory at Work: How to Use Game Theory to Outthink and Outmaneuver Your Competition / Edition 1

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Overview

An easy-to-follow, non-technical approach to using game theory in every business battle

Game theory has become entrenched in today's business world. It has also often required oppressive and incomprehensible mathematics. Game Theory at Work steers around math and pedagogy to make this innovative tool accessible to a larger audience and allow all levels of business to use it to both improve decision-making skills and eliminate potentially lethal uncertainty.

This proven tool requires everyone in an organization to look at the competition, guage his or her own responses to their actions, and then establish an appropriate strategy. Game Theory at Work will help business leaders at all levels improve their overall performance in:

  • Negotiating
  • Decision making
  • Establishing strategic alliances
  • Marketing
  • Positioning
  • Branding
  • Pricing

An easy-to-follow, non-technical approach to using game theory in every business battle Game theory has become entrenched in today's business world. It has also often required oppressive and incomprehensible mathematics. Game Theory at Work steers around math and pedagogy to make this innovative tool accessible to a larger audience and allow all levels of business to use it to both improve decision-making skills and eliminate potentially lethal uncertainty.

This proven tool requires everyone in an organization to look at the competition, guage his or her own responses to their actions, and then establish an appropriate strategy. Game Theory at Work will help business leaders at all levels improve their overall performance in:

  • Negotiating
  • Decision making
  • Establishing strategic alliances
  • Marketing
  • Positioning
  • Branding
  • Pricing

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Product Details

  • ISBN-13: 9780071400206
  • Publisher: McGraw-Hill Professional Publishing
  • Publication date: 3/13/2003
  • Edition number: 1
  • Pages: 288
  • Sales rank: 918,852
  • Product dimensions: 6.10 (w) x 9.00 (h) x 1.00 (d)

Meet the Author

James Miller, Ph.D., J.D. is assistant professor of economics at Smith College. Dr. Miller has written over fifty articles on diverse topics from game theory to Greek Mythology, e-commerce, and military strategy. His work has appeared in popular and professional resources including the Orlando Sentinel, The Weekly Standard, International Review of Law and Economics, and Journal of Information, Law and Technology, and the Internet sites for National Review, CNBC, and Fox News.

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Table of Contents

1 Introduction 1
2 Threats, Promises, and Sequential Games 7
3 The Dangers of Price Competition 43
4 Simultaneous Games 51
5 Massive Coordination Games 85
6 Nash Equilibria 101
7 Prisoner's Dilemma 115
8 Adverse Selection 151
9 Surviving with Limited Information 163
10 Price Discrimination and Other Pricing Strategies 183
11 Holdups 195
12 Spending Other People's Money 207
13 Managing Employees 223
14 Negotiations 241
15 Auctions 249
16 The Stock Market 257
17 Further Readings and References 265
App.: Study Questions 271
Notes 293
Index 299
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Customer Reviews

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Sort by: Showing all of 2 Customer Reviews
  • Anonymous

    Posted February 16, 2009

    Very Easy Read, Substantive

    Many undergraduate business students discover Game Theory in microeconomics. Typically, a professor will let students to play the Prisoner¿s Dilemma or a simple Threat and Promise game. Afterwards, the professor whips out the Nash Equilibrium to explain how firms do their best given what its competitors are doing. Then it is off to Monopolistic Competition.<BR/><BR/>If they¿re lucky when they take an upper-level micro course, they might discuss Adverse Selection or Price Discrimination. But rarely do business schools offer a course on Game Theory. If they do, it¿s an elective or an MBA-600 course. This is unfortunate because applied Game Theory can provide future managers with real tools for responding to changes in the competitive landscape, something Strategic Management courses, with their emphasis on financial decision-making, cannot.<BR/><BR/>Game Theory is a branch of applied mathematics that tries to quantify decision making. But in Game Theory and Work: How to Use Game Theory to Outthink and Outmaneuver Your Competition (McGraw Hill, 2003), James Miller steers clear of mathematics and presents case studies and examples that illustrate how business owners, managers, and employees can make better decisions.<BR/><BR/>If you¿re an economics student looking for an in-depth discourse on Game Theory, this book isn¿t for you. It¿s written to be a primer. Miller answers why neighborhoods can¿t be ethnically diverse (mass coordination often leads to homogenous outcomes); why landlords require security deposits (the one who doesn¿t gets all the deadbeats); why most revolutions produce narcissistic, brutal governments (to gain power, one must be willing to kill); and other real-world examples.<BR/><BR/>Miller also discusses negotiation tactics, managing employees, and the stock market.<BR/><BR/>Game Theory at Work is a very easy read, substantive, and provides a list of other books and references for anyone who wants to build his knowledge of the topic.

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  • Anonymous

    Posted June 27, 2004

    Basic

    I felt that this book, Game Theory at Work explained the basics very well in a very understandable manner while slipping in a little humor here and there. I would recommend this book to anyone who is interested in game theory and wants to see what it is about.

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