Game Theory 101: Dominant Strategy and Choice Conflict

Game theory is choice-theory in economics. We did a basic introduction to game theory by looking at one of the most common introductory games in Game Theory, the Prisoner’s Dilemma, here. In that introduction we briefly touched on dominant, or strong, strategy and non-dominant, or weak strategy. Now we’re continuing our understanding of economic theory … Continue reading Game Theory 101: Dominant Strategy and Choice Conflict

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”