Stakeholder approach in the management of organizations: Prospects for the use of game-theoretic models
Stakeholder approach - a hot topic in contemporary management - presents a variety of challenges. Because each of the stakeholders acts on their own agenda, one of the key issues of this approach is the lack of formal descriptors of stakeholder behavior. To overcome this particular difficulty, we propose that the managers apply tools and methods originally developed within the game theory. In this article we study the interaction between stakeholders working on a common managerial solution. In particular, we are looking at the elements of the game theory that can be used to solve similar tasks. In the end, we offer a set of principles that can become the foundation for applying game theory to the stakeholder approach. We describe the basic model of analysis that can nonetheless help standardize the stakeholder decision-making process given that the agents will view organizational management as a dynamic game of cooperation. We also discuss the possibilities of further development of the basic model.