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Jan 4, 2011 - Januray 4 2011 Lecture 0 ECON 221...

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ECON 221 - Introduction to Strategic Thinking Examples of things we ʼ ll see in this course “Hot Hand” pertains to the likelihood of a success streak “Leaders and Followers” IBM - in the 60 ʼ s and 70 ʼ s was a big name brand (didn ʼ t come up with the PC until after Apple) Leading company, by this event suddenly becomes the follower in its field Games, business and strategic thinking depends on the context Inflexibility can sometimes payoff in a a gaming scenario (i.e. bargaining); but at times it can backfire (i.e. strategy of Take-it-or-leave-it) Prisoners ʼ Dilemma Carrot and Stick (carrot means inducements; represents them) (sticks means to pick on or punish detractors) Ford used the Carrot part of this method (paying an efficiency wage to those who created a larger output) because there was absenteeism (slacking off)
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