| ||
|
Product Details
|
Tags Customers Associate with This Product(What's this?)Click on a tag to find related items, discussions, and people.
|
|
Share your thoughts with other customers:
|
||||||||||||||||||||||
|
Most Helpful Customer Reviews
24 of 25 people found the following review helpful:
5.0 out of 5 stars
Introduction into the field of Game Theory,
By
This review is from: The Right Game: Use Game Theory to Shape Strategy (Digital)
Harvard Business Review article, published in July-August 1995, by Harvard Business School professor Adam M. Brandenburger and Yale School of Management professor Barry J. Nalebuff."Unlike war and sports, business is not about winning and losing. ... The essence of business success lies in making sure you're playing the right game." The authors predicts that 50 years after the introduction of game theory by John von Neumann and Oskar Morgenstern ('Theory of Games and Economic Behavior', 1944), "game theory is about to change the game of business." They use the introduction of General Motors' credit card in 1992 as an example for win-win situations. Win-win strategies can give several advantages: (1) There is greater potential for finding new opportunities; (2) They are easier to implement; and (3) The new game is more sustainable. The authors turn to the game of business which is all about value: creating it and capturing it. They introduce the 'Value Net', with the same players are Michael Porter's five competitive forces, as a schematic map designed to reprent all the players and the interdependencies among them. This 'Value Net' prompts you to explore all the interdependencies in the game. In order to change the game, you first need to draw the 'Value Net' for your industry and, second, identify all the elements of the game. According to game theory, there are five elements: players, added values, rules, tactics, and scope - PARTS for short. Brandenburger and Nalebuff discuss each of these elements in detail, including examples. But they warn readers: "Changing the game is hard. There are many potential traps." The authors discuss five of them, but provide another warning: "there is no silver bullet for changing the game of business. It is an ongoing process. ... There is, after all, no end to the game of changing the game." Game theory is far from simple and it requires you to open your mind or even change your mind-set. This article provides a good, simple introduction, but for further guidance you probably have to go for Brandenburger and Nalebuff 1997-book 'Co-opetition'. I would like to recommended 'Wharton on Dynamic Competitive Strategy' (1997). This article is recommended to MBA-students and beginners in the field. The article uses simple US-English.
2 of 2 people found the following review helpful:
4.0 out of 5 stars
Brief overview of how game theory applies to businesses,
This review is from: Right Game: Use Game Theory to Shape Strategy (Harvard Business Review Classics) (Paperback)
This book is tiny but useful, so you don't want to skip a page.
"The Right Game" gives a brief overview of how Game Theory applies to business. They hit the main points by first going through a diagram of the players in a business survival and then by defining the interaction using PARTS; Players, Added Value, Rules of interaction, Tactics, and Scope. For an added bonus, they give real world examples of how successful companies, like Nintendo, Monsanto, BellSouth, used the rules of game theory to their best advantage. Overall, give this book a try if you're curious about Game Theory. Here are some things I've learned. * Win-Win strategies are better than Win-Lose. Example. It's better for a newcomer to capture only 10% of the market, then to strive for 100%. That way, the incumbents accommodate rather than retaliate, which helps the newcomer survive. This is called Judo Economics. * Uniqueness is not a prerequisite for success. Imitation can be healthy. * Cutting prices kills profits. So look for alternative tactics to compete.
Share your thoughts with other customers: Create your own review
|
|
|
|
