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Published: Oct 16 , 2014
Author: Stephen White

This week the 2014 Nobel Prize for Economics was awarded to Professor Jean Tirole for his writings on the regulation of large corporations. Professor Tirole made his reputation largely on his work about Game Theory; his book (with Drew Fudenberg) called Game Theory is not an easy read. Densely packed with mathematical equations the book tries to explain the behaviour of individuals in a market who make decisions based on their expectations of how their customers, suppliers and competitors are likely to react in the future. Even the first example in the book, which describes how a pie manufacturer would use Game Theory to choose how to set his prices in the market for one single day, would make most people’s head spin...

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The Power of Adjournments

Anjana – a sales leader with an IT firm – is busy preparing for negotiations with a large bank on renewing her firm’s contract with them. Given it is a decent sized deal, Anjana has been preparing for these negotiations over the last several days by interlocking with the account delivery teams, getting buy-ins from the senior leadership & CFO on commercials, getting a handle on the likely strategies from the competition etc. It is no surprise, given the rigour of her preparation, that Anjana was feeling confident about her meeting with the Client CIO.

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