The Usefulness of Models and Their Complexity

In this episode Scott Page, professor for Complexity, Social Science and Management at the University of Michigan, explains the value of models and their uses in different environments and disciplines including economics and in particular game theory. We talk about what to consider when setting up a model, how models capture "real life" and how to best apply them in a business context using game theory.

Scott Page is professor for Complexity, Social Science and Management at the University of Michigan. In his research he focuses on complex systems, collective intelligence, teams, and political and economic institutions. He is also the author of the book "The Model Thinker: What You Need to Know to Make Data Work For You", explaining the value of models when it comes to making sense of data and complex phenomena.