Tsinghua_2005MBA_Lecture_13(Game theory and competitive strategy).pptVIP

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Tsinghua_2005MBA_Lecture_13(Game theory and competitive strategy).ppt

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Tsinghua_2005MBA_Lecture_13(Game theory and competitive strategy)

Chapter 1 Lecture 13 Game Theory and Competitive Strategy Topics to be Discussed Gaming and Strategic Decisions Dominant Strategies The Nash Equilibrium Repeated Games Topics to be Discussed Sequential Games Threats, Commitments, and Credibility Entry Deterrence Bargaining Strategy Auctions Gaming and Strategic Decisions “If I believe that my competitors are rational and act to maximize their own profits, how should I take their behavior into account when making my own profit-maximizing decisions?” Gaming and Strategic Decisions Noncooperative versus Cooperative Games Cooperative Game Players negotiate binding contracts that allow them to plan joint strategies Example: Buyer and seller negotiating the price of a good or service or a joint venture by two firms (i.e. Microsoft and Apple) Binding contracts are possible Gaming and Strategic Decisions Noncooperative versus Cooperative Games Noncooperative Game Negotiation and enforcement of a binding contract are not possible Example: Two competing firms assuming the others behavior determine, independently, pricing and advertising strategy to gain market share Binding contracts are not possible Gaming and Strategic Decisions Noncooperative versus Cooperative Games “The strategy design is based on understanding your opponent’s point of view, and (assuming your opponent is rational) deducing how he or she is likely to respond to your actions” Gaming and Strategic Decisions An Example: How to buy a dollar bill 1) Auction a dollar bill 2) Highest bidder receives the dollar in return for the amount bid Gaming and Strategic Decisions An Example 3) Second highest bidder must pay the amount he or she bid 4) How much would you bid for a dollar? Acquiring a Company Scenario Company A: The Acquirer Company T: The Target A will offer cash for all of T’s shares What price to offer? Acquiring a Company Scenario The value of T depends on the outcome of a current oil exploration project. Failure: T’s value = $0 Success: T’s va