Game Theory: Metagames

A metagame is a game about which game to play — or how to change the rules, the players, or the payoffs. Instead of taking the game as given and choosing a strategy, you ask: can we alter the structure so the equilibrium favours us? Examples: changing the rules (regulation, standards), adding or removing players (alliances, M&A), or changing information (commitment, signalling). Metagame thinking is second-order: "given they best-respond to this game, what game would we want to be in?" For founders, it's the difference between playing the hand you're dealt and changing the table — platform rules, partnership structure, or narrative that shifts how others play.

Before optimising within a game, ask whether you can change the game. Can you add or drop players? Change the rules or the information structure? Commit to a strategy that forces a favourable response? The highest-leverage moves are often metagame: choose the game, then play it well.

Metagames: games about which game to play. Change rules, players, or payoffs so the equilibrium favours you. Use when the highest-leverage move is to redefine the game — platform design, category creation, structural deals — then play the new game well.