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Game Theory

The pandemic, despite all the horrors it has brought, has provided some people with more time for self-reflection, majorly people in Business.

Game theory is a mathematical context but very relevant to change the game of business. Von Neumann and Morgenstern published Theory of Games and Economic Behavior, and provided a systematic way of understanding the behavior of players in the game. Business is always a high-stakes game. In Business, you have to look forward far into the game and then reason backward to figure out which of today’s actions will lead you to where you want to end up. The primary insight of game theory is to focus on others i.e., Allocentrism.

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So what are the elements of the game? In game theory, there are two kinds of solutions – Pure Strategy Solution and Mixed Strategy Solution and five elements shortly called as PARTS: players, added values, rules, tactics, and scope. These five elements describe all available solutions. To change the game in your favor, you have to change one or more of these elements. Sometimes the best way to succeed is to let others, including your competitors, do well. The most valuable service you can offer is creating competition, so don’t ever give away anything for free. You can profit by using insights from game theory.

Why Read?

“The ultimate answer to the question “Why read?” is that only deep, constant reading fully establishes and augments an autonomous self. Until you become yourself, what benefit can you be to others?” – Harold Bloom

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Reading helps us to become our full Autonomous-Self. How else do we know people at the intimate level, then Reading. Books help to create a greater self-knowledge and teaches about our values and capabilities. They also challenge us to help us grow. Once you finish reading, it gives us an immense confidence and satisfaction, that cannot be comprehended by any other human emotions.

Just go read, anything and everything that you can get hold off.

Planck’s Principle

It’s easy to underestimate change. The earth keeps rotating and we don’t even feel it. The plants keeps growing, and we almost never could see it with our naked eyes. Because any major changes happens slower, its easy for human brain to assume change hardly occurs.

Planck's Principle
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With recent COVID-19 situations, when we see the valuation of some new Tech companies like Snowflake skyrocketing, older generations find it harder to comprehend. The traditionalists respond with rebellion. It can take a generation for a great new technology to reach its potential because it takes that long for the older holdout generation to move along. This phenomenon is well formulated by Max Planck, “Planck’s principle is the view that scientific change does not occur because individual scientists change their mind, but rather that successive generations of scientists have different views”.

Science always progresses one funeral at a time. But Why does this occur? This is because success plant the seeds of its own destruction through complacency and leverage. We’re more likely to become locked into a single view, unwilling to abandon what’s worked even as the world evolves. And bad times always plants the seeds of turnaround as well. Turnaround is always planted through opportunity and panic-driven problem solving. In Business, strategies works and fails, trends comes and disappears, companies peak and fall, idea flourish and diminish. Stuff evolves, paradigm shifts.

Always changing. Stay Humble, without giving up.