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The Art of Strategy: A Game Theorist's Guide to Success in Business and Life Paperback – January 4, 2010
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About the Author
Barry J. Nalebuff is the Milton Steinbach Professor at the Yale School of Management. Nalebuff applies game theory to business strategy and is the co-founder of one of America's fastest-growing companies, Honest Tea.
Top Customer Reviews
I'm not certain why they exist as two separate books. The content is almost identical, and 90% of the examples in this one were lifted from that. I have no idea why this is touted as a "sequel." It is not. It's just Thinking Strategically repackaged (but I will say that its package is prettier). The tagline says that it's a "guide to success in business and life," but it is not. It is game theory explained in an accessible way.
I love game theory. I studied economics in college, and game theory had been my favorite class. I enjoyed Thinking Strategically and looked forward to reading this one. I was disappointed. Had I not read Thinking Strategically, I probably would have found this enjoyable, but I'm giving it two stars for the false advertising.
p.s. Below please find some of my favorite passages for your reference.
What makes something a game: you have to take into account the objectives and strategies of the other players. When guessing a number picked at random, the number isn't trying to hide. You can take the engineer's mindset and divide the interval in two and do the best possible. But if you are playing a game, then you have to consider how the other player will be acting and how those decisions will influence your strategy. Pg6
Sailboat racing offers the chance to observe an interesting reversal of a "follow the leader" strategy. The leading sailboat usually copies the strategy of the trailing boat. When the follower racks, so does the leader. The imitates the follower even when the follower is clearly pursuing a poor strategy. Why? Because in sailboat racing close doesn't count: only winning matters. |If you have the lead. The surest way to stay ahead is to play monkey see, monkey do. Stock market analysts and economic forecasters are not immune to this copycat strategy. The leader forecasters have an incentive to follow the pack and produce predictions similar to everyone else's. This way people are unlikely to change their perception of these forecasters' abilities. On the other hand, new comers take the risky strategies; they tend to predict boom or doom.Read more ›
Also highly recommended, but more specifically for business applications, is Co-opetition, co-authored by Barry Nalebuff who is a co-author of The Art of Strategy.
Bonus - the "Trips to the Gym" (opportunities to think about and apply topics discussed in each chapter) and case studies were great exercises to help me check my understanding of each principle, which was tremendously helpful.
Most Recent Customer Reviews
Outstanding revised edition of their earlier work. The enhanced game theory framework and implementation strategy has proved most valuable in my work with clients! Read morePublished 25 days ago by Oils
The bidding strategies came in handy during our recent home purchase. Overall the rules are good to put in practice.Published 1 month ago by Barrett Ames
I was required to have this book for a Strategy Games course I took. It's a rather fascinating read. Read morePublished 5 months ago by Amazon Customer
It's a bit long and just okay.
It repeats the same ideas over and over and over that have been explained in college level Economics courses in under 3 hours by a... Read more
An excellent guide that takes a practical approach to the otherwise math-heavy field of game theoryPublished 12 months ago by Marie Luisa