7min chapter

In Our Time cover image

Game Theory

In Our Time

CHAPTER

Game Theory Applications in Economics and Society

This chapter explores the utilization of game theory in designing auctions, with a focus on maximizing revenue through efficient auction structures such as radio spectrum auctions for mobile phones. It also delves into how game theory principles elucidate the necessity of a social contract in a civilized society, drawing parallels with the Prisoner's Dilemma and societal cooperation. Additionally, the chapter discusses the role of contracts in political theory and examines the intriguing dynamics of the ultimatum game in decision-making scenarios.

00:00

Get the Snipd
podcast app

Unlock the knowledge in podcasts with the podcast player of the future.
App store bannerPlay store banner

AI-powered
podcast player

Listen to all your favourite podcasts with AI-powered features

Discover
highlights

Listen to the best highlights from the podcasts you love and dive into the full episode

Save any
moment

Hear something you like? Tap your headphones to save it with AI-generated key takeaways

Share
& Export

Send highlights to Twitter, WhatsApp or export them to Notion, Readwise & more

AI-powered
podcast player

Listen to all your favourite podcasts with AI-powered features

Discover
highlights

Listen to the best highlights from the podcasts you love and dive into the full episode