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The book explores the voting event in some detail. When two candidates are running confronting each other, the best strategy of form is to vote for your first choice. When three or more than candidates are running, information technology is non e'er all-time to vote for your kickoff pick, especially if you believe that your commencement choice has no gamble of winning. For instance, in the presidential election of 2000, there were three candidates, Bush-league, Gore, and Nader. If you preferred Nader to the others, you lot could vote for him, simply your vote would be pretty much wasted, every bit he had fiddling chance of winning. It would be all-time to vote for your second choice. But, what if the election was predicted to be much closer; what would the all-time strategy be then?
Furthermore, the book explores other voting systems that would let you to list all of your voting preferences? For example, what if you could vote on all of the candidates, listing their names in preferential order. Various vote-tallying systems could accept these preferences into business relationship, and come up with a fairer assessment of the most-preferred candidate.
Just here's the rub; there are numerous vote-tallying systems, each of them objective, but depending on which one is chosen, a unlike candidate could win. The book goes into some particular in considering the different outcomes of the 2002 presidential race, considering several of these systems.
The volume as well describes three different systems for auctions. Although the systems differ dramatically, the optimum strategy is the same for all of the systems.
The book describes various approaches for political negotiations. Examples include incentives and threats. But a threat is only good if it is credible. The book describes some historical approaches that have made threats credible. Another type of strategy is how a company can best compete with other companies, by setting prices that will maximize profitability.
The volume has a set of exercises to try out your newly-gained understanding. I of the exercises is to consider how to make a good first impression on a start engagement. You are faced with two simultaneous problems; how to show your sincerity and quality to your engagement, and how best to assess the sincerity and quality of your date. In other words, what is the best strategy for signaling and screening?
This volume is best appreciated if you are non afraid of some simple algebra. Withal, many of the strategies are not at all mathematical, but simply rely on logic. I thoroughly enjoyed this book; some of the chapters were a bit repetitive, but not overly so.
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I'yard not certain why they be as two separate books. The content is well-nigh identical, and xc% of the examples in this i were lifted from that. I accept no idea why this is touted equally a "sequel." It is not. It'due south just Thinking Strategically repackaged (simply I volition say that its parcel 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
There is absolutely no demand to read this book if y'all've read Thinking Strategically.I'chiliad not certain why they exist equally two separate books. The content is almost identical, and xc% of the examples in this 1 were lifted from that. I have no idea why this is touted every bit a "sequel." It is not. It'due south just Thinking Strategically repackaged (but I will say that its packet is prettier). The tagline says that information technology'due south a "guide to success in business and life," simply information technology is non. It is game theory explained in an accessible fashion.
I dear game theory. I studied economic science in college, and game theory had been my favorite class. I enjoyed Thinking Strategically and looked forrard 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 faux advertising.
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The basic principles are: (1) expect forward, reason backward; (2) play your ascendant strategy; (3) don't play conspicuously dominated strategies; (4) always look for equilibrium solutions; (five) mix your plays in zero-sum situations. Principle (1) ways think about the possible results of your actions in relation to who you are interacting with and effort as much as possible to play your best strategy at each move according to what would result. Principle (2) means do principle (ane) but e'er play the strategies that are amend than your opponents. Supposing there is no dominant strategy with respect to principle (2) so a la principle (3) just act in some way that you would not clearly neglect with your effect. Principle (four) means expect for situations where you lot and the person with whom y'all are interacting would mutually do good or finish upwards with the same result because that's most likely what issue you lot're going to land on if you're both being reasonable with each other. Principle (5) ways in situations where your win means someone else'southward loss and vice versa, just mix up your strategy to attempt to become a skillful result.
Game theory is non an exact science. It's kind of an art and a science. There's no guarantee that you're going to interact well with people as a result of reading something like this volume. That'southward because you lot don't always have consummate information about the situation or the other people you're interacting with, don't know what situation you lot're in, and don't know what you actually want, among other issues.
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- Besides redundant with descriptions;
- Lack of proper definition;
- Confusing descriptions of theories
- Confusing examples and tables;
- Not articulate about aspects of theories.
I would not recommend this book to a beginner learning Game Theo Lots of examples that make us lose focus on what is actually important from Game Theory. Lack of proper definitions. Took me 11 pages of anotations to resume the whole volume. I couldn't say if this book tin can really guide me to success in business organization and life. My opinion is:
- As well redundant with descriptions;
- Lack of proper definition;
- Disruptive descriptions of theories
- Confusing examples and tables;
- Non clear about aspects of theories.
I would non recommend this book to a beginner learning Game Theories. ...more
Information technology would be a disservice to the volume to try summarising its points or discussions engaged in. The concepts here are presented in a style that an boilerplate reader will be able to follow the bulk of the material, although I will admit to a few moments where I failed to empathize. The real-life examples used enhances the book'south readability and kept me engaged throughout. Students of economics may have already covered some of this material merely only the most engaged academics or constant practitioners of strategic thinking volition find cipher of worth and value in this book.
Such is the power of the book that it is hard for me not to run across many situations all around through the lens of game theory. I may non know how to fully strategically think through a situation, but I now see conflicts and decisions in a different light, from the mundane like organising where to go for lunch to the serious like the Israel/Palestine conflict. I at present have a different framework to making decisions, i that will (hopefully) ameliorate and enhance my life.
I recommend this book to everyone. At the very to the lowest degree, readers will larn interesting things and exist fascinated about how things can be reasoned out. Fifty-fifty better, it may modify for the better the way you view situations and how you make decisions.
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All things considered, though, this was an excellent book and review of game theory. And because payoffs are and then difficult to determine, anyhow, you don't really need the math every bit much as the thought processes and logic of strategic thinking (essentially, don't make decisions without figuring out what the other actors' interest
I wish I had read this volume with a pen and paper, and less on the PATH railroad train. Unfortunately, I call back I failed to assimilate some of the more quantitative aspects of game theory.All things considered, though, this was an fantabulous book and review of game theory. And because payoffs are and then difficult to decide, anyway, you don't really need the math as much every bit the thought processes and logic of strategic thinking (essentially, don't brand decisions without figuring out what the other actors' interests are). For that, this is a very good read.
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I read this book for a grade
Dixit and Nalebuff provide an exceptionally good introduction to game theory without making it overly difficult. There are real-earth examples, means to practise your game-theoretic thinking, and a lot of really useful information that might actually assistance you in your real life. That's what I really loved about this volume—later reading information technology, I saw that the principles could be practical anywhere (peculiarly in Craigslist selling, which I was doing a lot of—how absurd is that?).I read this book for a class, but before information technology, I tried reading Game Theory Evolving: A Problem-Centered Introduction to Modeling Strategic Interaction, by Herbert Gintis. Couldn't do information technology. If you demand a textbook for a game theory course, Gintis's might be the mode to become. If you just desire to find out more about the theory and how it'southward practical to really common situations, read it. It'due south actually interesting!
I'd recommend this to anyone, regardless of whether it's assigned or related to a grade or non. It actually does have a lot of real-world applications, and it'southward written very well.
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A long time ago, back in 1991, the authors wrote a book named Thinking Strategically. They intended to revise it, but they decided to rewrite information technology instead and release it under a new title. This copy was released in 2008. The reason for this rewrite is explained in the Preface. Their perspective on events has changed in 17 years, and then they rewrote the book to include values and ideas that marshal with these changes.
The book doesn't contain the heavy-duty mathematics behind the reasoning of each decision. This makes it more than accessible to the boilerplate audition that might not be familiar with higher mathematics. The book does contain a number of real-world examples and relatable situations. While some of the examples are quite unproblematic, they fully examine them and lead them on through their reasoning. 1 such example is from the Peanuts Comic strip; Lucy holds out the football for Charlie Brown to kick. This is American Football for those who might be from other countries. Poor naive Charlie Brown attempts to kick the ball, only Lucy pulls the ball abroad at the last 2d and Charlie Dark-brown falls on his behind. Cue the Schadenfreude than results from this situation. The authors examine this situation and more. Another Popular Civilization reference is from The Princess Bride. We all call back the scene where Westley battles Vizzini in a war of wits.
While nosotros become through all of this, a number of concepts ascend in the text. The Nash Equilibrium, the Dominant Strategy, and a number of other things are all discussed. Forth the manner, the authors describe rules to follow in cases where decisions must be made. The volume is actually enjoyable and interesting.
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Dont expect rocket science - the insights are not spectacular and the concepts are somewhat interesting, yet there is not much new to read here.
The volume is fairly banal. It gets really repetitive halfway.
The book contains a lot of information. In uncomplicated terms, information technology is a good book for students of economic science.
The data ofttimes went against my intuition and I had to suspend information technology to take information technology in and make sense of it. It constantly introduced new ideas while relying on the reader understanding the preceding ones. The chapters would start but and get more complex simply refer to the earlier points in the chapters. Similarly, it would refer dorsum to points raised in the early capacity and information technology was important that yous remembered these. As such I had to reread many passages then I could go along reading. If this book was written differently, mayhap it would have required less effort to read simply information technology can be understood as long equally you focus. I'd recommend this if you already have some understanding of game theory and are willing to put in try and reread pages. If so, its really damn interesting.
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There is a comprehensive list of cooperative and adversarial games, presented together with relevant stories and real-life contexts, which makes this book a solid beginning in the field of game theory, peculiarly for future negotiators and conclusion makers. All the same, the applicability of the strategies is constrained past our proven inability to correctly evaluate probabilities (especially of negative events) and by the limitations of the rational idea model. The material should be complemented with considerations of patterns of irrational behaviour (meet Dan Ariely's work) and a proficient stats software.
PS. Take annotation of the seldomly appearing typos, as Avinash and Barry might advantage you with $2 for each one.
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I similar that this book does non use the whole "lets assume everyone is a rational actor" approach, since well, humans are inappreciably always fully rational. I frequently hear criticism levelled at game theory ideas that anybody isn't a rational actor, so these theories breakdown with exceptional cases. In this volume, every theory presented is provided with its share of caveats. I thought that information technology kept the book intellectually honest throughout, still invigorating in the content.
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Generally, I enjoyed this book, but I'g not sure information technology's something for everyone.
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Nevertheless, it is quite amazing that someone has managed to write nigh two hundred pages almost the game 'Paper, scissors, rock'.
Very abstruse. The examples were far too removed from existent life situations to be of any use.Notwithstanding, information technology is quite amazing that someone has managed to write almost two hundred pages nearly the game 'Paper, pair of scissors, stone'.
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Strategic thinking is the art of outdoing an antagonist, knowing that the adversary is trying to do the same to you.
It is the fine art of putting yourself in others' shoes and then every bit to predict and influence what they will do.
Businessmen and corporations must develop good competitive strategies to survive, and find cooperative opportunities to grow the pie.
your concern rivals, prospective spouse, and fifty-fifty your children are strategic. Their a
good strategy must appropriately mix competition and cooperation.Strategic thinking is the art of outdoing an adversary, knowing that the adversary is trying to practise the same to yous.
Information technology is the art of putting yourself in others' shoes so as to predict and influence what they will do.
Businessmen and corporations must develop adept competitive strategies to survive, and find cooperative opportunities to grow the pie.
your business rivals, prospective spouse, and even your children are strategic. Their aims oftentimes disharmonize with yours, but they may well coincide. Your own pick must permit for the conflict and use the cooperation. This volume aims to help yous think strategically, then interpret these thoughts into activity.
The simply manner to improve your skill at this art is the inductive manner —by seeing how it has been done earlier in like situations.
So far, you lot accept been guessing in a way that divides the interval into 2 equal parts and picking the midpoint. This is the ideal strategy in a game where the number has been chosen at random. *Yous are getting the most information possible from each guess and therefore will converge to the number every bit apace every bit possible.
He was gifted in his ability to act strategically without appearing to be strategic.
The smart money was on Kelly winning the challenge.
able to anticipate all the unlike moves earlier they happened.
The leading sailboat usually copies the strategy of the abaft boat.
market leaders volition not follow the upstarts unless they too believe in the merits of their form.
it wouldn't be a cakewalk
They were playing a game against their future selves. Today's self wants the future cocky to diet and practise. The future self wants the ice foam and the television. Most of the fourth dimension, the future cocky wins because it gets to movement last. The trick is to change the incentives for the future self so every bit to change its behavior.
Campaign finance reform is then difficult to laissez passer because the incumbent legislators who have to corroborate it are the ones who take the well-nigh to lose. Their reward in fundraising is what gives them job security. *How do you lot get people to do something that is against their interest? Put them in what is known as the prisoners' dilemma.
a variant of the prisoners' dilemma
the costs exceed the benefits.
Each option has a one-tertiary adventure of winning, a one-third chance of losing, and a one-third chance of a tie. Just Christie'south didn't pick at random. Thus Sotheby's would have washed better to think about the communication Christie's would likely go and then play to beat out it. If it's truthful that everyone knows y'all start with scissors, Sotheby'southward should take started with Bart Simpson's favorite, good old rock.
When the IRS audit formula is somewhat fuzzy, everyone stands some risk of an audit; this gives an added incentive for honesty.
If another speculator offers to sell y'all a futures contract, he volition make coin but if you lose money. * If you happen to be a farmer with soy beans to sell in the future, then the contract can provide a hedge against time to come price movements. Similarly, if you sell soy milk and hence need to buy soy beans in the time to come, this contract is insurance, not a risk.
When both sides agree to trade, each one thinks it will make money. One of them must be wrong. That'due south the nature of a zippo-sum game. Both sides tin't win.
The very fact that you were the highest bidder implies that anybody else thought the item was worth less than you lot did. The result of winning an auction and discovering you've overpaid is called the winner's curse.
when you ask for a quote on a stock the market maker is required to state both the buying and selling prices before he knows which side of the transaction y'all want. Without such a safeguard, market makers could stand to profit from private information
the divergence is called the bid-ask spread
You may be thinking yous are playing 1 game, merely information technology is only part of a larger game. There is always a larger game.
In that location is nothing worse, from a test maker's perspective, than allowing the person to become the right answer for the wrong reason.
...more This book explains an idea of what game theory is and testify how logic and science applies to the world, where people are irrational.
There are a pregnant corporeality of illustrations of every principle described in a book. Besides, information technology is easy to read for people of different backgrounds as there are a lot of examples no
I constitute this book very cognitive and like shooting fish in a barrel to read, but like everything, it has a negative side. The main minus is that in that location are a lot of repetitive moments, what sometimes irritate me.This book explains an idea of what game theory is and show how logic and science applies to the world, where people are irrational.
There are a pregnant amount of illustrations of every principle described in a book. Too, it is easy to read for people of dissimilar backgrounds equally there are a lot of examples not merely from business organization, but from movies, literature, and even sports. For instance, in the first chapter, it shows how strategic issues arise in a variety of decisions, past explaining how ten tails of strategy piece of work. In the next chapters, there is information about chief concepts of game theory, such as backward reasoning, prisoner'due south dilemma, Nash equilibrium, and goose egg-sum game.
In "Art of strategy" described the main game theories - The Decision Theory, The General Equilibrium Theory, and The Mechanism Design Theory. Furthermore, I understood that you demand to pay attention to all of them when making an important determination.
After reading this book, I realized that game theory is a widely applicable and powerful tool. It can reduce the business risk, helps to make the controlling procedure more manageable. And what surprised me is that fifty-fifty by losing you tin can win.
In the terminal part of a book, authors show united states how game theory is used in auctions, bargaining and even voting. Likewise, they say that to get all-time results sometimes you lot need to cooperate with your opponents.
As my trivial decision, I want to say that this book isn't going to guarantee your success in game theory; information technology helps to develop your means of solving strategic situations, by giving yous some full general principles and showing them if a real-life example. And the best of it is that book written for a general audition, so you don't need to have some economic degree to get main ideas.
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The book is more than just an introduction to Game Theory - information technology goes across its goal by analyzing in item a serial of specific examples. The overall contexts and situations in those examples are often kind of trivial, and fifty-fifty kind o
The authors re-published under a new name their 1991 archetype Thinking Strategically: The Competitive Edge in Business, Politics, and Everyday Life, with a minimal corporeality of tweaks and updates taken from the recent developments in the field of behavioral game theory.The volume is more than than just an introduction to Game Theory - it goes beyond its goal by analyzing in detail a serial of specific examples. The overall contexts and situations in those examples are often kind of niggling, and even kind of artificial in the same way though experiments are, so the resulting in-depth analyses tin be quite wearisome. Dissimilar its sub-championship suggests, there'due south not much information to absorb that could exist immediately applicable in existent-life situations - it feels instead like going through a series of mental exercises/puzzles ("workouts", as the authors say) just to keep your brain in shape. Interesting stuff for the curious reader, merely limited applications.
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It contains the obligatory decision tree, ultimatum game, prisoner's dilemma and nash equilibrium. Simply information technology also has much more. Fifty-fifty concepts like how stores offering to "match any competitor's toll" could be a method of enforcing collusion pricing.
Sure terms, like the Minimax theory, Winner's curse, and give-and-take on the BATNA brought me back to grad schoolhouse. The method of guessing the right multiple choice reply without even knowing the questio
I thoroughly enjoyed this. A very smart book.Information technology contains the obligatory determination tree, ultimatum game, prisoner's dilemma and nash equilibrium. But it besides has much more. Even concepts like how stores offering to "match any competitor's price" could be a method of enforcing collusion pricing.
Certain terms, like the Minimax theory, Winner's expletive, and discussion on the BATNA brought me back to grad school. The method of guessing the correct multiple choice answer without even knowing the question was excellent
I'm not sure how useful some of the multi-actor theories are in practice, unless you're dealing with professionals. Permit's face it, about people don't think through these decisions all that much, so they might determine to deed "irrationally", which would mean your optimal decision isn't all that optimal (people might exchange their number for another, despite the math showing information technology'south ever a bad decision, etc.).
...moreDixit received a B.Sc. from Mumbai University in 1963 in Mathe
Avinash Kamalakar Dixit (born August 6, 1944 in Mumbai, India) is an Indian-American economist. He is currently John J. F. Sherrerd '52 University Professor of Economic science Emeritus at Princeton Academy, Distinguished Adjunct Professor of Economics at Lingnan Academy (Hong Kong) and Senior Research Fellow at Nuffield College, Oxford.Dixit received a B.Sc. from Bombay University in 1963 in Mathematics and Physics, a B.A. from Cambridge University in 1965 in Mathematics (Corpus Christi College, First Class), and a Ph.D. in 1968 from the Massachusetts Institute of Technology in Economic science.
Dixit has been the John J. F. Sherrerd '52 Academy Professor of Economics at Princeton Academy since July 1989. He is as well Distinguished Adjunct Professor of Economics at Lingnan University (Hong Kong) and Senior Research Boyfriend at Nuffield College, Oxford. He previously taught at Massachusetts Plant of Technology, at the Academy of California, Berkeley, at Balliol College, Oxford and at the University of Warwick. In 1994 Dixit received the get-go-ever CES Boyfriend Award from the Heart for Economic Studies at the University of Munich.
Dixit has also held visiting scholar positions at the International Budgetary Fund and the Russell Sage Foundation. He was President of the Econometric Society in 2001, and was Vice-President (2002) and President (2008) of the American Economic Association. He was elected to the American Academy of Arts and Sciences in 1992 and the National Academy of Sciences in 2005.
With Robert Pindyck he is writer of "Investment Under Uncertainty" (Princeton University Press, 1994; ISBN 0691034109), the first text-volume exclusively about the real options arroyo to investments, and described every bit "a born-classic" in view of its importance to the theory.
(from Wikipedia)
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