game theory

essayrationality

Can we apply game-theoretic analysis to real life?

1. Introduction Whenever the expected utilities of one agent’s choices depend on another agent’s decision, such an interaction can be modelled as a game and analysed through the lens of game theory (GT) (cf. Binmore 2007b, p. 3 – 5). Despite its theoretical success many academics and “practical men of business used to dismiss game theory as just one more….

Read More