Summary of Decision Making Using Game Theory

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Rating

5

Qualities

  • Analytical
  • Scientific

Recommendation

Anthony Kelly’s book will help you take a step back from the day-to-day fray, and be more strategic in your approach to solving problems. He explains that during conflicts, people operate in their own perceived best interests. Sometimes, combatants can find a common ground, but sometimes the conflict is a "zero-sum game," with a winner and a loser. To come out on top as a player or manager, take advantage of the approaches and concepts of game theory. A word of caution, this volume relies heavily on formulas and decision-trees that may be beyond the ready grasp of non-technically minded managers. For those who want to put emotion aside and think strategically, however, reading this book is a rational move. getAbstract.com recommends it to those with mathematical or analytical skills, and finds that it will prove useful even to non-analysts who want to learn the fundamental concepts of game theory.

About the Author

Dr. Anthony Kelly lectures on the use of game theory in decision making at the University of Southampton Research and Graduate School of Education. His special area of study is how managers and students can utilize game theory in effective decision making.

 

Summary

The Games People Play

If you’re not playing games at work, you probably should be. In fact, you probably use some rudiments of game theory even if you don’t realize it. Game theory can help predict the outcome of highly complex decision-making dilemmas, and can lead to more effective decisions. Understanding game theory can help you:

  • Enlarge your conceptual framework for decision making, thereby developing more effective decision-making skills.
  • Resolve practical challenges more effectively.
  • Address chronic problems and discover alternative solutions.
  • Provide a new perspective on how to look at problems.
  • Understand how power is distributed within complex systems, and how best to avoid the appearance that anyone is being disenfranchised.

What Is Game Theory?

Game theory is the body of knowledge associated with strategic decision making. This scientific approach provides powerful tools for understanding the relationships that are either created or broken as people pursue two eternal human drivers: competition and cooperation.

Game theory is not new and it is not a trendy cure-all. Sound knowledge of game theory...


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