Economics 101: Game Theory, Prisoner’s Dilemma, and the Myth of “Rational Man”

Game Theory is a specific subset of economics that deals with strategic decision-making and seeks to understand decision-making in decision-making animals under the presumption of man being a rational economic agent. In economics, at least classical economic theory, homo economicus is the presuppositional starting anthropology. Homo economicus, derived from Locke, Smith, and Ricardo, is the … Continue reading Economics 101: Game Theory, Prisoner’s Dilemma, and the Myth of “Rational Man”