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Game Theory (2007)

oyc.yale.edu

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Re: Game Theory (2007)

#11

Post by mesaframe »

xenihn wrote: post #8
mesaframe wrote: post #3

Is there any real world usage of game theory for ordinary people?

can you be more specific about what exactly you're asking here? are you asking "would an ordinary person encounter events in which game theory would be applicable on a normal, day-to-day basis?" or are you asking "would an ordinary person who has studied game theory (but is not especially well versed or practiced) be capable of using it when it comes to making decisions?" also can you please specify what you mean by…

All of above.

And assume they are good at maths.

Re: Game Theory (2007)

#12

Post by _v7gu »

mesaframe wrote: post #3

Is there any real world usage of game theory for ordinary people?

Optimal auctions, and mechanism design in general (ie screening problems) is a very useful application of game theory.

But caution: game theory is not about winning games, but finding equilibria. You might be more interested in behavioral game theory (how people learn the games, k-level thinking etc) if you want to get a leg up.

Re: Game Theory (2007)

#13

Post by remolacha »

mesaframe wrote: post #3

Is there any real world usage of game theory for ordinary people?

It’s big in the crypto/DeFi space. Lots of thinking around “mechanism design” - how to engineer a system of incentives where some desired outcome is the stable equilibrium.

Re: Game Theory (2007)

#17

Post by anonporridge »

mesaframe wrote: post #3

Is there any real world usage of game theory for ordinary people?

I'd say it's extremely important as a foundation to understand and better influence all kinds of politics, whether it's governmental, workplace, family, or any other relationships.

Most people have a very simple view of the nature of politics, and therefore, tend to think the people charge are out to get them in some way, when really, they're just operating under some kind of game that forces their hand to make difficult decisions. By understanding a little game theory, a person might at least be able to better understand what's going on, if not even influence the odds in their favor.

Obviously, ordinary people might not want to play this game, but the game will still play with you.

This video is a good rundown of that for government, https://www.youtube.com/watch?v=rStL7niR7gs

Re: Game Theory (2007)

#18

Post by Evan_Hellmuth »

ab_testing wrote: post #14

Off topic but there is also a course there on Financial Markets by Robert Schiller of the Case Schiller Index that I found very interesting. https://oyc.yale.edu/economics/econ-252-11/lecture-1

Shiller does such a great job explaining finance theory in simple terms! Would recommend

Re: Game Theory (2007)

#19

Post by marton78 »

mesaframe wrote: post #3

Is there any real world usage of game theory for ordinary people?

Yes! Very much! I took a course of evolutionary game theory, which opened up my eyes and changed the way I think. So much that I'd recommend (evolutionary) game theory for everyone.

It's relevant in every day life: human interaction often fits the schema of the prisoner's dilemma, the signalling game or the chicken game. That tit-for-tat is the optimal strategy in iterated prisoner's dilemmata matches intuition about human cooperation.

The theory is beautiful, easy to understand and leads to verifiable predictions, especially in the context of evolution, such as the competition between genes, the behaviour of parasites, allocation of resources in a tribe, mating rituals, etc.

Re: Game Theory (2007)

#20

Post by mrkeen »

mettamage wrote: post #6
cambalache wrote: post #5

Earlier quoted context omitted.

What is "original people"? Did you mean "ordinary" people? In that case almost every branch of mathematics is useful for "ordinary" people if they have the skills or inclination to make use of it.

I presume ordinary in simply doing ordinary things like: doing the groceries, paying bills, doing a simple desk job or construction job, having one or two hobbies like playing a musical instrument or a sport. Something you'd describe as being ordinary. Though, I could be very wrong here, since it is definitely open for multiple interpretations.

> doing the groceries

Is there a shortage of groceries? Are people hoarding? Are they just 'bad people' or does a rational person change what they buy during a shortage? Why? Would you expect a Government saying "don't hoard" to have any effect?

> playing a musical instrument

Is there an orchestra you want to join? Will a particular instrument get you in the door easier than any other instrument?

> sport

Soccer. Why do you see so many obvious dives in professional soccer? Why do grown men hold their shins and cry when the replay shows they weren't hit?

Sumo. When a sumo wrestler is one win away from a promotion in a tournament, and he's facing an opponent who has already guaranteed his own promotion, what are the odds the first sumo wrestler will win?

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