In Our Time
Game Theory
May 10, 2012
Melvyn Bragg and guests delve into game theory, discussing its origins, the Prisoner's Dilemma, coordination in games like 'Battle of the Sexes', the use of mathematics in evolutionary biology, and its applications in economics and society. They explore decision-making strategies, Nash equilibrium, and behavioral patterns in decision-making.
41:51
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Quick takeaways
- Game theory originated from basic board games and evolved to aid decision-making in various fields like economics and biology.
- Understanding game theory is crucial for analyzing decision-making processes involving multiple players and strategies in fields such as economics and political science.
Deep dives
Introduction of Game Theory by Von Neumann
Game theory was introduced by the Hungarian student, John von Neumann, who in 1928 started studying the theory of Parley Games. Von Neumann's observations on basic board games led to the development of game theory over the next 15 years. He realized that decisions made in games could be applied to broader decision-making contexts, leading to its flourishing since the early 1950s, being used widely in economics, biology, political science, and software design.
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