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: Mark Spelman
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.
Mark Spelman -World Economic Forum
Mark is an international business leader who worked at Accenture for 26 years. He has significant experience in business and digital strategies, operating models and change management. His Accenture roles included being Global Head of Strategy, Global Managing Director for Thought Leadership and Executive Director for the Accenture Institute for High Performance. His current roles include working for the World Economic Forum (WEF) on their Future of the Digital Economy and Society Initiative and chairing an EU-China Expert group on the Digital Economy. Mark was Chairman of the American Chamber of Commerce Executive Council in Brussels; his current non executive roles include Chatham House, The Future Cities Catapult in the UK, Harlequins RUFC, a social enterprise Numbers For Good and Chairman of Leap a charity specialising in helping young people understand the causes and consequences of conflict.