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Description - Game Theory at Work by James D. Miller

From Nobel laureates to business schools, game theory has entrenched itself in everything from business strategy to decision-making to economics. Since Laureates John von Neumann and Oskar Morgenstern first published their prize-winning Theory of Games and Economic Behavior in 1944, game theory and the vocabulary that surrounds it has become a part of today's corporate climate. Game theory analyzes strategic interactions in which outcomes of various choices depend on the choices of others. Used in a variety of business situations, from pricing to marketing, game theory helps businesspeople make strategic decisions that result in better payoffs. But, because it is largely based in mathematical formulae and economics, many business leaders shy away from this powerful tool. Game Theory at Work is the first business guide that explains game theory without the math and pedagogy that keep many managers and executives away from this useful strategy. Completely accessible and free from academic jargon, Game Theory at Work helps business leaders at every level improve the decision-making challenges they face every day. Game theory assumes that the competition adjusts their strategies to not only what your business is doing but also to what all the other competition is doing. By mastering the art and science of game theory, managers and executives will become more adept at making strategic decisions to improve their businesses. From negotiating to establishing alliances to positioning and branding, game theory forces everyone in the organization to look at the competition, gauge their reactions and responses, and establish a strategy to win in today's cut-throat economy. Eventually, such strategizing becomes intuitive. Game Theory at Work plays down the math while playing up anecdotes to explain how today's leaders can use game theory to their advantage. Regardless of the situation or the shape the economy is in, game theory is the perfect tool to help decide which course of action any business should take. Long used in military exercises and sports, game theory is easily adaptable for business. Readers will learn how to apply game theory in a variety of situations. Topics include: How to make "credible threats"; How uncertainty can eliminate the possibility of mutual benefit; How to determine the time value of money; Game theory is fast becoming a standard business school requirement, like accounting or economics. Game Theory at Work is the perfect guide for business leaders at every level looking for a tool to improve the decision-making skills needed to help catapult their business to the next level.

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Book Details

ISBN: 9780071400206
ISBN-10: 0071400206
Format: Hardback
(231mm x 154mm x 32mm)
Pages: 288
Imprint: McGraw-Hill Professional
Publisher: McGraw-Hill Education - Europe
Publish Date: 1-Apr-2003
Country of Publication: United States

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Author Biography - James D. Miller

James D. Smith is assistant professor of economics at Smith College, and previously taught at the University of Chicago. A frequent contributor to CNBC.com (now moneycentral.com), his work has appeared in a variety of popular and professional media, including Fox News, The Weekly Standard, The Orlando Sentinel, and International Review of Law and Economics. He earned his doctorate in economics from the University of Chicago, his master's in economics from Yale University, and a law degree from Stanford Law School.

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