Game Theory for Business A Primer in Strategic Gaming Paul Papayoanou 9780964793873 Books
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Business executives, managers, and negotiators regularly interact in ways that resemble a game of chess. Yet while game theory is the leading tool in academia for analyzing such independent choices, its use in the business world has been limited by its perceived lack of practicality. Until now, that is. Game Theory for Business A Primer in Strategic Gaming outlines a straightforward, practical approach for using game theory. The book demonstrates how Strategic Gaming has, can, and should be applied to help savvy strategists and negotiators shape and play the game of business more effectively.
Game Theory for Business A Primer in Strategic Gaming Paul Papayoanou 9780964793873 Books
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Tags : Game Theory for Business: A Primer in Strategic Gaming [Paul Papayoanou] on Amazon.com. *FREE* shipping on qualifying offers. Business executives, managers, and negotiators regularly interact in ways that resemble a game of chess. Yet while game theory is the leading tool in academia for analyzing such independent choices,Paul Papayoanou,Game Theory for Business: A Primer in Strategic Gaming,Probabilistic Publishing,0964793873,Business & Investing
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Game Theory for Business A Primer in Strategic Gaming Paul Papayoanou 9780964793873 Books Reviews
This book is a must read for mid-level managers and above, or anyone else aspiring to improve their decision making skills. It truly provides a tremendous amount of value. The book takes the decision tree to the next level, and shows how the human side of the decision process has to be factored into the basic decision tree. As most of us have seen at some point in our career, many corportate decisions, negotiations, and various other decision processes are often chosen sub-optimally, or in simple terms just "don't make sense". If you have ever wondered why, then this book on game theory is for you. Game Theory for Business shows how to avoid costly mistakes when formulating a decision tree, and will also change the way you think and interact with other teams at work. I highly recommend this book for all readers interested in business game theory -- it will help you in your basic everyday negotiations as well.
I bought this book based on consistent 5-star reviews. Now Im half through it and still can't get what's so perfect about it. In fact its so boring and non-informative that I'm not sure I'll be able to finish it. It seems like 100 pages can be squeezed in a couple. You'll read many times how much author's smart idea of using game trees for business decision-making is better then commonly used decision analysis and real options trees. The big difference is that we're modeling not only our decision branches (and treating opponent's choices as uncertainties) but other players too, and putting opponent's payoffs on board. While there's no denying we're getting better understanding of others incentives this way, there's no excuse of putting this on 100 pages. And the final result is simple enough to put it on the simple branching tree
1. Draw two branches from the root player A has a good product, or a bad product.
2. From each branch there are two more branches, player A launches project or not
3. Now from each of 4 branches there are two more branches, whether player B launches of not.
4. Now we have 8 outcomes, and we have to assign player's A and B payoffs for each (Example If A has a good product and launches and B launches too then A will get +10 and B will get -2, if A has a good product and launches but B doesn't then A will get +12 and B will get 0, and so on)
5. Assign probabilities to player B decisions to get even better understanding of probable outcome
Now just read the tree and figure our what would be the best strategy for you (Player A) and add as much other players to the tree as you want, but don't be carried away, and do not include more then 4-5 players on one tree. Because the tree would be to cluttered to read.
Thats pretty much the core of it. Yes there are some other details and advices which you'll get besides written above, but most of them are so obvious or could be figured out on your own. So I'll give this book a 3 stars because I don't know what the other half is about yet. Maybe its brilliant but I highly doubt it.
To Paul Papayoanou There are only 7 reviews at this time and some of them from your friends so chances are you'll be reading my review. So please make your new books more efficient. I like the ideas you're sharing, and I don't mind paying 12 bucks for kindle edition of a book of 3 pages if every word and figure of it is important, but reading over and over on 200 pages how your approach is better than the old methods and how much it helped companies you've personally coached is a struggle for me personally. I think its just a waste of collective time. Please take a look at "Rework" by 37Signals, its not perfect but its much more efficient in knowledge per word sence.
Very insightfull and practical application of game theory in real life situations. I Will certainly use this approach in my projects!
Love reading this book. It gave a clear explanation of how to implement game theory into business scenarios. The author explains how you should use game theory to analyze your competitors and your own business.
This isn't a how to book. It does a good job in pointing out how Game Theory can be useful in the business environment. I suspect the author uses this book to generate consulting leads. Nothing wrong about that!
This books is exactly what I needed to know to use game theory in real-world situations. All my other books on game theory are too mathematical an arcane. Thanks to the authors for cutting to the chase and presenting something practical and useful.
Just that a primer
Good intro
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