8:45 Director’s Introduction and Academic Briefing
9:00 Strategic Thinking: Some Basic Tools of Game Theory (David Myatt)
10:00 Syndicate Discussion
11:15 Anticipating Future Play (David Myatt)
12:15 Break, followed by Lunch at 12:30
1:15 Syndicate Discussion
2:15 Strategic Reactions against the Competition (David Myatt)
3:15 Syndicate Discussion
4:45 Project Review: Lessons for Entry and Investment (David Myatt)
7:00 Drinks Reception followed by Dinner at 7:30
8:45 Evening Speaker: Peter Bensinger
We saw yesterday that firms with market power do not take prices as given, but rather set their own prices. The optimal pricing decisions, supply decisions, and procurement decisions for a firm, however, do depend on the actions taken by others, either at the same time or in the future. A business faces an “interactive decision making” problem its best “move” depends on the likely moves of others, and it must anticipate these moves by imagining itself “walking in the shoes of others” so that it can work out what they will do. We analyse situations such as these by employing the tools of game theory – the scientific analysis of strategic decision-making. We investigate a number of game-theoretic tools for modelling and “solving” strategic scenarios. We apply these tools to problems of corporate strategy. In parallel, syndicate members work on a structured strategic project which puts a selection of tools into action. The final lecture reviews the “strategy mini-project” and suggests how the lessons may be applied.
David P. Myatt – London Business School
David is a Professor at London Business School. He was educated at the London School of Economics, the Massachusetts Institute of Technology and Oxford University. He specialises in game theory: the scientific analysis of strategic decision-making. He applies this work to the fields of microeconomics, industrial economics, the economics of new technologies, political science and evolutionary biology. His current major research topics include the analysis of advertising, marketing, and product design strategies; the role of secondary trading markets such as eBay; analysis of cabinet governance; new theories of leadership; theories and empirical analysis of voter turnout and tactical voting; game-theory applications in macroeconomics; and the study of collective-action problems.
Peter B. Bensinger Jr. -Bartlit Beck Herman Palenchar & Scott LLP
Peter is a nationally recognised pioneer in the use of legal technology in the courtroom, which led the American Lawyer to dub him the “most wired lawyer in America.” While he handles a wide variety of complex commercial cases, Peter has had a focus in intellectual property and pharmaceutical antitrust. He was co-lead counsel for Bayer in the leading “reverse payment” patent-antitrust case, In re Ciprofloxacin Hydrochloride Antitrust Litigation, in which Bayer prevailed in the Federal Courts. Although Peter majored in English, he is known for his ability to explain complex science and technology to lay judges and juries. Representative cases have involved issues of chemistry, immunology, microbiology, injection moulding, oral contraceptives, electromagnetic wave resistivity, motor oil, stealth boats, gasoline vapour recovery, and internet recommendation algorithms. Before law school, Peter was an actor in New York City, with appearances on Saturday Night Live and All My Children. Once back in his hometown of Chicago, he became a featured performer in the Chicago Bar Association’s annual musical satire, appearing as Mayor Richard M. Daley and as President Clinton in the year of the Monica Lewinsky scandal. At the firm, Peter has responsibility for attorney professional development, performance review, and new lawyer orientation. He offers two unique CLE presentations: “Dealing with Jerks – using Aikido and active listening to deal with difficult opposing counsel;” and “Presentation Stagecraft” – using fundamental theatre techniques to enhance connection and persuasiveness (visual focus, body language, vocal technique, staging to control audience focus, and particular strategies for briefing the C-Suite).