Student Essay

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For my children Never forget how much I love you CONTENTS Prologue Introduction Part One: The Game-Changer’s Toolkit CHAPTER 1 Commit GAME-THEORY FOCUS 1: THE TIMING OF MOVES CHAPTER 2 Invite Regulation GAME-THEORY FOCUS 2: STRATEGIC EVOLUTION CHAPTER 3 Merge or “Collude” GAME-THEORY FOCUS 3: EQUILIBRIUM CONCEPTS CHAPTER CHAPTER CHAPTER 4 Enable Retaliation 5 Build Trust 6 Leverage Relationships How to Escape the Prisoners’ Dilemma SUM M ARY Part Two: The Game-Changer Files FILE FILE FILE FILE FILE 1 Price Comparison Sites 2 Cod Collapse 3 Real Estate Agency 4 Addicts in the Emergency Department 5 eBay Reputation FILE 6 Antibiotic Resistance Epilogue: The Triumph of Game-Awareness Acknowledgments Notes Index PROLOGUE The game-theory approach to business ... has resulted in [many] strategic initiatives, from joint ventures to mergers to new-business development, that would have been unheard of in a traditional planning environment. —Raymond W. Smith, chairman of Bell Atlantic In a 1996 Fortune magazine article titled “Business as War Game: A Report from the Battlefront,” Raymond Smith wrote that “the game-theory approach to business” was the secret to Bell Atlantic’s 1 success under his leadership as chairman during the telecommunications shake-up of the 1990s. “Games” are strategic situations and “game theory” is the art and science of strategy, but the gametheory approach to business is much more than just being smart and savvy about strategy. Indeed, as Smith explained, the game-theory approach to business requires “a different kind of corporate manager: flexible, intellectually rigorous, and highly tolerant of ambiguity” and “a special kind of company [that] nurtures a climate of open, frank, and relentlessly objective discussion so that all the variables are scrutinized honestly and without

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