One of the most significant challenges to enduring family businesses is the process of passing the leadership of a firm from one generation to another. This article introduces game theory as a model for examining succession as a set of rational but interdependent choices made by individuals about a firm’s leadership. Its primary contribution is demonstrating the application of game theory to understanding the decisions and outcomes of succession events.
Timothy Mathews, Tim Blumentritt and Gaia Marchisio, "Game Theory and Family Business Succession: An Introduction." Family Business Review, Vol. 26, No. 1, March 2013, 51-67.