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There are several strategies that can be used in place of game theory, including decision theory, behavioral economics, and complex systems theory. Decision theory focuses on identifying the best decision to make, given the circumstances. Behavioral economics considers the impact of psychological, cognitive, emotional, cultural and social factors on the decisions of individuals. Complex systems theory studies how relationships between parts give rise to the collective behaviors of a system and how the system interacts and forms relationships with its environment.
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The authors also use entertainment as a way to get their points across. These stories are presented in the form of "tales," and one of the most memorable ones is called "Pick a Number." Readers are challenged to guess a number between 1 and 100 for five straight times to find the correct number that was chosen by them. The illustration concludes that this strategy is a good one, because the number setter and the searcher both know and understand the concepts behind finding the perfect information in game theory. That simply means "I know what you are thinking, and you know what I am thinking."
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Have you ever had to dissect a complicated business scenario and were confused as to where to begin, or how to analyze the problem? Game theory is the...
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Learn from some of the most useful and popular business strategies and frameworks from our compilation. Apply the content, diagram, and graphs from this 50-slide deck to your next project.
Follow up to the first part of our Business Strategies and Frameworks compilation, part 2 offers you some of the most useful and popular business strategies and tools for the mind. Apply the content, diagram, and graphs from this 50-slide deck to your next project.
Follow up to the first part of our Business Strategies and Frameworks compilation, part 3 offers you some of the most useful and popular business strategies and tools for the mind. Apply the content, diagram, and graphs from this 43-slide deck to your next project.
Want ways to think through and solve any business problems? The latest of our Business Strategies and Frameworks collection provides the best tools to find the perfect solutions. It includes slides for McKinsey Directional Policy Matrix, Cost Patterns, Competitive Benchmarking, Market Entry Assessment, Stakeholder Analysis, plus many more.