Best Books on Game Theory Review [2020]

1.  The Art of Strategy

The Art of Strategy: A Game Theorist’s Guide to Success in Business and Life, is a comprehensive explanation of how game theory and strategies can help us in our daily life. These strategies are applicable in every type of business situation to sort out complex problems.

This book not only shares the well-researched strategies but also real-life examples for their implementation       . The author of this book believes that to come on top of your business, you need to thoroughly study your competitors. The questions in this book will make you think twice before taking any business decision. The three game theories discussed in this book are;

  • The Decision Theory
  • The General Equilibrium Theory
  • The Mechanism Design Theory

This book mainly deals with the anticipation of business and life scenarios. The theory behind it is that in most cases there is some mathematical formula to anticipate the end result of a situation. You just need a little knowledge of linear algebra to master this. However, there are numerous strategies which do not rely on mathematical formulas. You just need to use common sense to apply them.

2.  Thinking Strategically

The bestseller, Thinking Strategically: The Competitive Edge in Business, Politics, and Everyday Life, is used for teaching in best business institutes around the globe. This is a must-read book for business students. The book consists of 13 chapter and starts with the basics of strategies that can improve your IQ and lead you to plan better strategies.

The author has shared the four golden rules of thinking strategically. These rules will give you a competitive edge. So, you can maximize your profits with minimum effort. The author has explained his rules by using various daily routine example of sports, politics and economic. These examples will really help you in relating your problem with the given rules.

Unlike most of the books on game theory, this book does not feature any mathematical formula as the solution to your problem. However, it shares quite handy techniques and principles. So, if you are not good at mathematics, this book can be a great asset for you. Once you start thinking strategically, you will pave out easy solutions for most difficult problem.

3.  Game Theory 101: The Complete Textbook

William Spaniel has offered a way to dig into basic concepts of game theory through his book; Game Theory 101.

4.  The Predictioneer’s Game: Using the Logic of Brazen Self-Interest to See and Shape the Future

5.  Co-Opetition book on game theory

6.  The Joy of Game Theory: An Introduction to Strategic Thinking

7.  Prisoner’s Dilemma: John von Neumann, Game Theory, and the Puzzle of the Bomb

8.  Introducing Game Theory: A Graphic Guide

9.  Game Theory: An Introduction

10.  Theory of Games and Economic Behavior: 60th Anniversary Commemorative Edition (Princeton Classic Editions)

 

Why you Need to Study Game Theory

The simple reason for understanding basic concepts of game theory is that it really works in Business world. Following are the few benefits of game theory.

Decision Making

It can help you in proper decision making in different business and daily life situations. Experience of business is important but combination with game theory you will be able to achieve your goals with perfection.

Understanding Competition

Understanding your competitor is the most important thing in business. You can not compete anyone if you have incomplete information about them. Game theory will help you recognize strengths and weaknesses of your competitors.

Reducing Risks

Game theory reduces the risks by helping you to predict the future situations like income expectation and projected market shares. So, you can act accordingly and avoid major business troubles.