Games, Strategies, and Managers: How Managers Can Use Game Theory to Make Better Business Decisions Paperback – 2 May 1996
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`Games, Strategies, and Managers will be helpful for both beginning managers and for advanced planners. In fact, I would recommend that anyone engaged in US-Japan negotiations - including the US Office of the Trade Representative and the Japanese Ministry of International Trade and Industry - read this book.' Akira Omori, Arthur Anderson & Co
`McMillan clearly and straightforwardly explains the most important insights of game theory ... We have long needed a book like this to make the power of game theory accessible.' Roger Myerson, Northwestern University
`excellent introduction to strategic problems in economics ... The book is aimed at MBA students with little previous experience of mathematics or economics ... it could also be used to introduce these topics to undergraduates. In my opinion this book is very useful for students and others who require a quick introduction to recent developments in economic theory.'Economic Journal
From the Back Cover
Managers are continually called on to make strategic decisions based on how someone else will act, and react, and this is exactly what game theory was invented to analyze. With the publication of John McMillan's 'Games, Strategies, and Managers, ' managers can now unlock the power of this bold way of thinking. The book strips away distracting details and provides insights into what is really going on in every negotiation and strategic decision.See all Product description
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What makes a difference is to introduce some models and problems in the last two appendices, which will greatly help students of economics or business, and the business people understand the essence of game theory. Not only will reading the problems, but also solving them be necessary to make sense. The models used in this book are all quadratic functions and thus if you know about a quadratic function, you can solve them.
Compared with Thinking Strategically of Dixit and Nalebuff, much more popular alternative widely accepted as an elementary essay on game theory, Games,Strategies, and Managers may be less popular and has less case studies with less explanations. However, it has more practical case studies and shortcut explanations on them. In this point, it will help more to use game theory for thinking about and trying to solve practical issues.
Of course, as this author tells, game theory cannot explain every aspect of our business and management life, nor answer all the business and management problems, which seems to be able to explain and answer only what we have taken for granted in real life. However, it can be said to be true that we don't know a lot about it. Game theory gives us some elementary frameworks for thinking about it. This book will play a role of the guide for us to see what we see in everyday life through the lens of game theory, and will give us new insights on it.
Over 20 years have already passed since this book was published, and unfortunately its author, prof. John McMillan, has already passed away. We can never hope for its revised edition (however, McMillan's another great book, Reinventing The Bazaar, can be its revised edition since it uses almost the same key words, bidding, signaling, bargaining and contracting.). However, it doesn't mean that it has been already out of date; Rather it will give timeless and important lessons on business, management and life.
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