The Brainy Business | Understanding the Psychology of Why People Buy | Behavioral Economics cover image

228. Game Theory: Behavioral Economics Foundations (Refreshed Episode)

The Brainy Business | Understanding the Psychology of Why People Buy | Behavioral Economics

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How to Play the Odds and Lose Big Time

In a company the same tit for tat scenario I talked about already is still usually the best policy. Don't go out of your way to wreak havoc and seek revenge against others because you're likely hurting yourself in the long run. Playing not to lose can mean hedging your bets and taking risks at the wrong times simply to avoid being taken advantage of or made to look a fool. When you play to win in games, life or business you have a calmer approach. You consider what each choice you make will mean for your opponent and vice versa. Winning is a long game investing in building a solid reputation and understanding how each decision plays to the end result.

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