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Game Theory at Work: How to Use Game Theory to Outthink and Outmaneuvar Your Competition by [Miller, James]
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Game Theory at Work: How to Use Game Theory to Outthink and Outmaneuvar Your Competition Kindle Edition

3.7 out of 5 stars 7 customer reviews

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Length: 288 pages Word Wise: Enabled Enhanced Typesetting: Enabled
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Product Description

From the Back Cover

Easy-to-Follow Strategies for Using Game Theory to Grab the Upper Hand in Every Business Battle

Game theory--the study of how competitors act, react, and interact in the strategic pursuit of their own self-interest--has become an essential competitive tool in today's business arena. Game Theory at Work provides examples of how businesspeople can use this time-proven approach to successfully meet competitive challenges and, more often than not, claim the upper ground in each battle before it begins.

Game Theory at Work steers clear of the opaque mathematics and pedagogy that so often hamper practitioners of game theory, relying instead on lively case studies and examples to illustrate its remarkable methods in action. Complex yet comprehensible, it provides you with:

  • Methods for applying game theory to every facet of business
  • Strategies for instantly improving your position in virtually any negotiation
  • Game theory techniques to increase the output--and value--of each employee

At its essence, business is a game, albeit a profoundly serious game that must always be played to win. Game Theory at Work is the first plain-English examination of the use of game theory in business. Let it provide you with the intellectual tools you need to instantly understand every game you're playing, use that knowledge to your advantage, and consistently maximize your finish-line payoff.

"Game Theory at Work won't teach you about power-chants, discuss the importance of balancing work and family, or inspire you to become a more caring leader. This book will instead help you out-strategize, or at least keep up with, competitors inside and outside your company."--From the Introduction

Like Sun Tzu's timeless The Art of War, Game Theory at Work is about knowing your adversary as well as yourself. It is also about using that knowledge to prepare yourself for victory.

But above all, this one-of-a-kind book is about dramatically improving your strategic instincts and decision-making skills--and emerging victorious--in virtually any business encounter.

Introduced by John von Neumann and Oskar Morgenstern in their 1944 book Theory of Games and Economic Behavior, and further honed through the decades by thought leaders including Nobel Prize winner John Nash, game theory analyzes strategic interactions in which the outcomes of various choices depend on the choices of others. Game Theory at Work applies this innovative tool to the world of business, and provides a step-by-step framework for using game theory to improve your on-the-job success in areas including:

  • Negotiating
  • Managing
  • Pricing
  • Positioning
  • Establishing strategic alliances

More than that, however, Game Theory at Work is a one-of-a-kind tool to battle the high costs of indecision. It shows you how to enter any encounter confident in how others will act, and then use game theory to base your strategies and actions on this knowledge. Case studies, puzzles, and, yes, games demonstrate why unexpected and often paradoxical results are the norm when humans compete, and help you use this fact to your advantage. And, chapter-ending lessons highlight essential rules learned.

... All in a book that is both absorbing and entertaining, designed to improve your business instincts without requiring the use of needless mathematics or theoretical mumbo-jumbo.

Everything in life is competitive in one way or another, and game theory has revolutionized the art and science of what to look for--and how to act--when engaged in competition. Game Theory at Work studies the use of game theory in today's hard-fought business arena, and shows you how to use it to gain maximum advantage in every professional encounter, whatever your role in that encounter.

About the Author

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.

Product details

  • Format: Kindle Edition
  • File Size: 6736 KB
  • Print Length: 288 pages
  • Publisher: McGraw-Hill Education; 1 edition (22 Mar. 2003)
  • Sold by: Amazon Media EU S.à r.l.
  • Language: English
  • ASIN: B009YXAMCA
  • Text-to-Speech: Enabled
  • X-Ray:
  • Word Wise: Enabled
  • Enhanced Typesetting: Enabled
  • Average Customer Review: 3.7 out of 5 stars 7 customer reviews
  • Amazon Bestsellers Rank: #595,620 Paid in Kindle Store (See Top 100 Paid in Kindle Store)
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Customer Reviews

3.7 out of 5 stars
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Top Customer Reviews

Format: Hardcover
My first exposure to game theory was dry and somewhat boring to say the least. So congratulations to James Miller for making it a laugh a minute (almost) without losing the value of the discipline.
I especially enjoyed the game theory proofs of why the Mafia enjoys a competitive advantage in crime, and why smokers are, ceteris paribus, less trustworthy than non-smokers.
This is not a book aimed at those doing there PhD in economics, but rather one aimed at ordinary- and business-people looking for a new slant on everyday problems related in an easy to understand and enjoyable fashion.
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Format: Hardcover Verified Purchase
I enjoyed this as a not too serious introduction to the subject that would inform me without my needing to think too hard. Having said that there are a few test questions to check if you are paying attention, and a few passages needed some re-reading before they sank in.

As to constructive criticisms; the book seemed clearly derived from lecture notes at times; not all topics were treated with the same depth. More fundamentally the concept seems to provide a good descriptive language that can be used retrospectively, it seems less able to give a compelling predictive model.

Best for me were the prisoner's dilemma, explanations of differential pricing and how to select your next employer (no hints - read it and find out!)
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Format: Hardcover
This is a witty and lightweight approach on game theory. What would have improved the book significantly would have been a bit more structure rather than one chapter following another without any obvious structure that might have helped us getting an overview of the topic. Nevertheless, the book is definitely recommended.
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Format: Hardcover Verified Purchase
Interesting introduction to game theory. The examples used fit basic business common sense to the maths rather than showing anything particularly new. Perhaps if I was younger and had not already come across the situations then they might have been more exciting. Still an interesting read.
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