Summary Study Notes for People in Business and Society (E_IBA1_PBS)
2 views 0 purchase
Course
People in Business and Society
Institution
Vrije Universiteit Amsterdam (VU)
Book
The Art of Strategy: A Game Theorist\'s Guide to Success in Business and Life
The document forms a comprehensive study resource for the course "People in Business and Society (E_IBA1_PBS)". It includes detailed lecture materials that combine theoretical frameworks, practical applications, and analytical tools.
Samenvatting The Art of Strategy: A Game Theorist's Guide to Success in Business and Life - People in Business and Society (E_IBA1_PBS)
All for this textbook (2)
Written for
Vrije Universiteit Amsterdam (VU)
International Business Administration
People in Business and Society
All documents for this subject (30)
Seller
Follow
tanasedaria
Content preview
Comprehensive Study Notes for People in Business and Society
(E_IBA1_PBS)
I. Core Course Themes
1. Game Theory: The art of understanding strategic interactions
where outcomes depend on the actions of multiple players.
o Key Elements:
Players: Individuals or entities making decisions.
Strategies: Possible actions each player can take.
Payoffs: Outcomes each player values, which are not
always monetary (e.g., happiness, market share).
o Applications:
Analyse competition, cooperation, and decision-making
in businesses.
Predict and influence behaviour in strategic situations.
2. Cultural Dynamics: Explore how national and organisational
cultures shape behaviours, decision-making, and collaboration.
o Hofstede’s Six Dimensions:
1. Power Distance Index (PDI): Degree to which
unequal power distribution is accepted.
2. Uncertainty Avoidance Index (UAI): Comfort
with ambiguity and unstructured situations.
3. Individualism vs. Collectivism (IDV): Focus on
personal goals vs. group loyalty.
4. Masculinity vs. Femininity (MAS):
Assertiveness and competitiveness vs. caring and
nurturing.
5. Long-Term vs. Short-Term Orientation (LTO):
Emphasis on future planning vs. respecting
traditions.
6. Indulgence vs. Restraint (IND): Extent of need
gratification and societal regulation.
3. Strategic Sustainability:
o Importance of long-term thinking in social norms,
environmental policies, and geopolitical strategies.
o Recognising the interplay between short-term gains and long-
term stability.
II. Game Theory in Practice
A. Simultaneous Move Games
Players choose actions simultaneously, not knowing the other’s
choice.
Key Example: Prisoner’s Dilemma
o Scenario: Two rival firms (e.g., Rainbow’s End and B.B. Lean)
decide prices simultaneously.
Both charge high ($80): Each profits moderately.
One charge low ($70), the other high: Low price
dominates, maximising individual profit but harming
collective outcomes.
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller tanasedaria. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $5.90. You're not tied to anything after your purchase.
