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      Thinking Strategically – A reflection on pre-emptive life lessons from competition, deal making, and auctions

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      thinking strategically, game theory, behavioural insights, judo strategy, winner's curse, bidding strategies
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            Abstract

            In this essay I will reflect on three in-class case exercises: pre-emptive life lessons on competition (Judo Strategy), deal making (Winner’s curse) and auctions (Bidding strategies). I selected these in-class case exercise to analyse my experience because all three have a common theme – competing strategically – and the later two have the common theme competing under incomplete information.For each exercise I will critically discuss first the strategic thinking process which I used to make my decisions, second the decisions of the other students with whom I played the exercises, third my performance in the exercises, and fourth what I have learned in the exercises that I can apply in my career.For the analysis I will use the following framework of the Game Theory extended by Behavioural Insights to think strategically on how to game competitors. First, I will use a pre-emptive approach to critically analyse my strategic thinking process in the exercises. I will review whether I thought forward and backward with both mind and heart to make my decision. In addition, I will use this approach to apply the lessons learned from the exercises to my business career. Second, I will assess whether I used the battleplan mindset in the exercises. By analysing whether I considered all information and contingencies to anticipate the decisions of others in the exercise. Third, I will examine whether I used both ‘rational’ strategic responses and psychology (Behavioural Insights) to assess my performance in the exercises.

            Content

            Author and article information

            Journal
            ScienceOpen Preprints
            ScienceOpen
            18 December 2023
            Affiliations
            [1 ] University of Cambridge;
            Author notes
            Author information
            https://orcid.org/0009-0004-2714-5442
            Article
            10.14293/PR2199.000565.v1
            c0dae80a-bd7c-4b57-a514-37605e3d8f61

            This work has been published open access under Creative Commons Attribution License CC BY 4.0 , which permits unrestricted use, distribution, and reproduction in any medium, provided the original work is properly cited. Conditions, terms of use and publishing policy can be found at www.scienceopen.com .

            History
            : 18 December 2023
            Categories

            All data generated or analysed during this study are included in this published article (and its supplementary information files).
            Analysis,Applied mathematics,Game theory,Economic theory,General mathematics,Microeconomics,Business & Corporate economics,Quantitative finance,Econometrics,Computational finance
            thinking strategically,behavioural insights,bidding strategies,winner's curse,game theory,judo strategy

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