Not available in 2020/21
MG422 Half Unit
Thinking Strategically
This information is for the 2020/21 session.
Teacher responsible
Prof Ignacio Palacios-Huerta NAB5.24
Availability
This course is available on the CEMS Exchange, Global MSc in Management, Global MSc in Management (CEMS MiM), Global MSc in Management (MBA Exchange), MBA Exchange, MSc in Economics and Management, MSc in Management (1 Year Programme) and MSc in Operations Research & Analytics. This course is available with permission as an outside option to students on other programmes where regulations permit.
Pre-requisites
A knowledge of basic algebra is necessary to take this course.
Course content
This course is concerned with strategic thinking. The course is an interaction of game theory, economics and business strategic management. The focus is the study of situations in which two or more decision-makers (e.g., individuals, firms, political parties, etc) interact in a strategic manner. Understanding strategic situations that involve conflict and/or cooperation has proven critical in many areas of economics, business, political science, sports, law and other areas. The emphasis is to provide the fundamental thinking of good strategic making in these situations, rather than a mathematical and formal analysis.
The purpose of this course is threefold: (1) first, to introduce relevant tools of game theory in order to capture the key elements of different strategic situations and determine the most likely outcome in each situation; (2) second, to study various real-life applications and case-studies where thinking strategically has proven critical; (3) third, to cover modern developments in behavioural game theory, in particular in the areas of intertemporal choices and strategies, decision-making under risk and uncertainty, and experiments in strategic interaction.
Students should note that this course will involve weekly calculations and numerical reasoning.
Teaching
20 hours of lectures and 8 hours of seminars in the LT. 2 hours of lectures in the ST.
Students on this course will have a reading week in Week 6, in line with departmental policy.
Formative coursework
Students will have to complete 5-8 written assignments throughout the course, handing in 1-2 of them, and feedback will be provided.
Indicative reading
Thinking Strategically: Competitive Edge in Business, Politics and Everyday Life, WW Norton, 1993, by Avinash Dixit and Barry Nalebuff. The Art of Strategy, WW Norton, 2008, by Avinash Dixit and Barry Nalebuff. Games of Strategy, WW Norton, 3rd edition, 2009, by Avinash Dixit, Susan Skeath and David Reiley. Beautiful Game Theory, Princeton University Press, NJ, 2014, by Ignacio Palacios-Huerta. Set of academic articles and/or case studies, plus lecture notes written by instructor. Set of articles from the media.
Assessment
Exam (100%, duration: 2 hours) in the summer exam period.
Important information in response to COVID-19
Please note that during 2020/21 academic year some variation to teaching and learning activities may be required to respond to changes in public health advice and/or to account for the situation of students in attendance on campus and those studying online during the early part of the academic year. For assessment, this may involve changes to mode of delivery and/or the format or weighting of assessments. Changes will only be made if required and students will be notified about any changes to teaching or assessment plans at the earliest opportunity.
Key facts
Department: Management
Total students 2019/20: 68
Average class size 2019/20: 15
Controlled access 2019/20: Yes
Value: Half Unit
Personal development skills
- Leadership
- Self-management
- Team working
- Problem solving
- Application of information skills
- Application of numeracy skills
- Specialist skills
