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Strategy and Choice

Editor

Listed:
  • Richard Zeckhauser
    ()

    (Harvard University)

Abstract

From the coalition's desert showdown with Saddam Hussein to the dieter's duel with himself in the midnight kitchen, strategic choices determine destinies. These essays by wellknown scholars - economists, psychologists, philosophers, and political scientists, inspired by master strategist Thomas Schelling - present the most significant recent advances in strategic choice theory. In activities ranging from gift giving to political wheeling and dealing, men and women strive ingeniously - though sometimes counterproductively - to secure desired outcomes. But as this book makes clear' the fundamental questions for strategy continually reappear: What factors motivate individuals' values and actions? What principles guide effective bargaining? How can incentives and decision processes be structured to yield desirable collective outcomes? In three parts, the book addresses many-player, fewplayer, and one-player situations. The first takes up questions such as: What outcomes result when an individual's welfare depends on comparisons with the situation of others? Under what circumstances do we expect many-player outcomes to at least resemble participants' desired outcomes? The second asks how we can build trust, distinguish between gifts and bribes, make commitments credible, or employ third parties to improve our bargaining position. The final part of the book focuses on the struggle of the individual decision maker. How does the recollected past influence one's evaluation of the present? How can we cope with errors in decision making? When should we rely on rules and principles, as opposed to the careful weighing of alternatives prescribed by the theory of rational choice? And - the most ethically challenging question - how shall we value human life?

Suggested Citation

  • Richard Zeckhauser (ed.), 1991. "Strategy and Choice," MIT Press Books, The MIT Press, edition 1, volume 1, number 0262240335, January.
  • Handle: RePEc:mtp:titles:0262240335
    as

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    References listed on IDEAS

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    1. Roberto Chang & Andres Velasco, 1998. "Financial crises in emerging markets: a canonical model," FRB Atlanta Working Paper 98-10, Federal Reserve Bank of Atlanta.
    2. Charles Engel, 1999. "Accounting for U.S. Real Exchange Rate Changes," Journal of Political Economy, University of Chicago Press, vol. 107(3), pages 507-538, June.
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    Cited by:

    1. Benno Torgler & Markus Schaffner & Bruno S. Frey & Sascha L. Schmidt, 2008. "Looking Awkward When Winning and Foolish When Losing: Inequity Aversion and Performance in the Field," CREMA Working Paper Series 2008-11, Center for Research in Economics, Management and the Arts (CREMA).
    2. Markus Schaffner & Benno Torgler, 2008. "Meet the Joneses: An Empirical Investigation of Reference Groups in Relative Income Position Comparisons," School of Economics and Finance Discussion Papers and Working Papers Series 234, School of Economics and Finance, Queensland University of Technology, revised 17 Jun 2008.
    3. Torgler, Benno & Schmidt, Sascha L & Frey, Bruno S., 2006. "The Power of Positional Concerns: A Panel Analysis," Berkeley Olin Program in Law & Economics, Working Paper Series qt1z14v7zt, Berkeley Olin Program in Law & Economics.
    4. Benno Torgler & Sascha L. Schmidt & Bruno S. Frey, 2008. "The Power of Positional Concerns," CREMA Working Paper Series 2008-07, Center for Research in Economics, Management and the Arts (CREMA).
    5. Benno Torgler & Sascha Schmidt, 2007. "What shapes player performance in soccer? Empirical findings from a panel analysis," Applied Economics, Taylor & Francis Journals, vol. 39(18), pages 2355-2369.
    6. Murat Birdal & T. Hakan Ongan, 2016. "Why Do We Care About Having More than Others? Socioeconomic Determinants of Positional Concerns in Different Domains," Social Indicators Research: An International and Interdisciplinary Journal for Quality-of-Life Measurement, Springer, vol. 126(2), pages 727-738, March.
    7. Benno Torgler & Sascha L. Schmidt & Bruno S. Frey, 2006. "Relative Income Position and Performance: An Empirical Panel Analysis," CREMA Working Paper Series 2006-03, Center for Research in Economics, Management and the Arts (CREMA).
    8. Kousky, Carolyn & Rostapshova, Olga & Toman, Michael & Zeckhauser, Richard, 2009. "Responding to Threats of Climate Change Mega-Catastrophes," Discussion Papers dp-09-45, Resources For the Future.
    9. Benno Torgler & Markus Schaffner & Bruno S. Frey & Sascha L. Schmidt & Uwe Dulleck, 2008. "Inequality Aversion and Performance in and on the Field," NCER Working Paper Series 36, National Centre for Econometric Research.
    10. Benno Torgler & Justina A.V. Fischer, 2006. "Does Envy Destroy Social Fundamentals? The Impact of Relative Income Position on Social Capital," Working Papers 2006.38, Fondazione Eni Enrico Mattei.
    11. Zeballos, Eliana, 2015. "Getting a Leg Up or Pulling it Down? Interpersonal Comparisons and Destructive Actions: Experimental Evidence from Bolivia," 2015 AAEA & WAEA Joint Annual Meeting, July 26-28, San Francisco, California 205660, Agricultural and Applied Economics Association;Western Agricultural Economics Association.
    12. Zeballos, Eliana, 2015. "Getting a Leg Up or Pulling it Down? Interpersonal Comparisons and Destructive Actions: Experimental Evidence from Bolivia," 2015 AAEA & WAEA Joint Annual Meeting, July 26-28, San Francisco, California 206857, Agricultural and Applied Economics Association;Western Agricultural Economics Association.
    13. Graf, Lorenz & König, Andreas & Enders, Albrecht & Hungenberg, Harald, 2012. "Debiasing competitive irrationality: How managers can be prevented from trading off absolute for relative profit," European Management Journal, Elsevier, vol. 30(4), pages 386-403.

    More about this item

    Keywords

    strategic choice theory;

    JEL classification:

    • Z19 - Other Special Topics - - Cultural Economics - - - Other

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