Game theory grew out of WW II and the minds of the von Neumanns and
Morgensterns, the linear programmers and pundits at RAND,
Princeton, M.I.T., and others adroit at the rigors of logical
reasoning. Dixit (Game Theory/Princeton) and Nalebuff (Game
Theory/Yale) are worthy successors, providing a popular exposition
in the spirit of The Compleat Strategyst and Strategy in Poker,
Business, and War. Interestingly, the authors define game theory as
a branch of behavioral science - a definition that might lull the
reader to believe that we are dealing with ways to psych out your
opponent, bluff in poker, or otherwise act deviously for personal
gain. To some extent this is true. However, the techniques
illustrated in a rich sampling of cases (from improving your tennis
to defeating a hostile takeover) repeatedly make use of the tree
diagrams and payoff matrices familiar to game theory as a
mathematical discipline. So the reader is introduced to the
concepts of zero-sum (you win, I lose) games, sequential versus
simultaneous games, "minmax" theorems, cooperative versus
competitive games, and the art of mixing strategies to maximize
outcomes. This is done with minimal math (at times too minimal!)
but oft-repeated slogans, e.g., "Look forward and reason backward."
The reader is encouraged to apply the principles developed in each
chapter to case studies presented: labor-management negotiations,
contract and auction bidding, brinkmanship in the Middle East,
maximizing employee productivity, running for President, sentencing
a defendant. . .as well as variations on the theme of the
prisoner's dilemma and other classic puzzles. It is gratifying that
the authors introduce value judgments into the discussion and even
demonstrate that, in more cases than you would suspect, it pays to
be honest. Surprising, too, are cases where choosing a less
favorite outcome can achieve what you really want. Good and
thought-provoking. (Kirkus Reviews)
A major bestseller in Japan,
Financial Times Top Ten book of the year, Book-of-the-Month Club bestseller, and required reading at the best business schools,
Thinking Strategically is a crash course in outmaneauvering any rival. This entertaining guide builds on scores of case studies taken from business, sports, the movies, politics, and gambling. It outlines the basics of good strategy making and then shows how you can apply them in any area of your life.
"A gem of a book. It makes some important insights on the frontiers of economics and game theory easily accessible, tremendously enjoyable, and practically useful."—Buron G. Malkiel, author of A Random Walk Down Wall Street
"Dixit and Nalebuff set out sure-fire rules for thinking about strategy."—David Henderson, Fortune
"A fascinating new book that can be read with real pleasure. . . . The problem is, of course that if Dixit and Nalebuff can improve your strategic IQ, they can improve your competitor's as well—and the Japanese rights were sold months ago."—David Warsh, Washington Post
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