Game theory and the evolution of strategic thinking

Abstract

The idea that game theory could help managers to think better about strategic problems is re-interpreted, with reference to various extensions and adaptations of the theory. A conceptual model of an Ultragame is illustrated and discussed, in which the players are plurally-rational strategic-entities. Such adapted models can help managers to augment their language, their ideology and their integrity. Compared to the mathematical extensions, which have found but a few business applications, the adapted conceptual models are more directly relevant to contemporary practical business problems, such as those involving the players' boundaries and identities, not to mention their likely future problems and others' problems.