In this engaging discussion, Kevin Zollman, an associate professor of philosophy specializing in game theory, and Annie Duke, a professional poker player and decision-making expert, delve into the intricacies of strategic thinking. Zollman explains how competitive scenarios, like the Cold War, can turn cooperative, using phased arms reduction as an example. Duke shares insights on the sunk cost fallacy, emphasizing the importance of future payoffs in decision-making. Together, they reveal how game theory can transform choices in both high-stakes poker and everyday life.
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insights INSIGHT
What Game Theory Explains
Game theory models interactions where each person pursues their own interests and adapts to others' choices.
It provides a systematic way to analyze strategic situations and decision-making under interdependence.
question_answer ANECDOTE
START Treaty As A Stepwise Fix
Reagan and Gorbachev broke arms-reduction into many small steps so each side could verify compliance.
This stepwise approach turned a high-stakes zero-sum dilemma into cooperative mutual savings.
volunteer_activism ADVICE
Design Interactions For Mutual Gain
Think about outcomes that benefit both parties and design interactions to achieve them.
Use that mindset to transform apparent win-lose situations into mutually beneficial ones.
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How to maximize wins and minimize losses, explained by four experts on game theory.
Game theory is a useful tool for decision-making in situations where the outcome depends on multiple parties. It provides a systematic way to analyze the interdependence of individuals or organizations and their potential strategies.
Not only does game theory help you identify the optimal strategy for achieving your goals, it can also help you avoid the sunk-cost fallacy — the tendency to persist in an endeavor because of the resources you've already invested.
By taking into account the potential actions and responses of other players, game theory allows you to minimize your losses and make informed choices that lead to better outcomes. Whether you're negotiating a business deal or making investment decisions, game theory can be a valuable asset in helping you make smarter choices and achieve your objectives.
0:00 What is game theory?
1:08 War: Learn from Reagan and Gorbachev
2:58 Poker: The sunk cost fallacy
5:56 Zero-sum games: The minimax strategy
Read the video transcript ► https://bigthink.com/series/the-big-t...
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About Kevin Zollman:
Kevin Zollman is an associate professor in the Department of Philosophy at Carnegie Mellon University. He is also an associate fellow at the Center for Philosophy of Science at the University of Pittsburgh, visiting professor at the Munich Center for Mathematical Philosophy (part of Ludwig-Maximilians Universität), and an associate editor of the journal Philosophy of Science. His research focuses on game theory, agent based modeling, and the philosophy of science. Zollman is the co-author of The Game Theorist's Guide to Parenting: How the Science of Strategic Thinking Can Help You Deal with the Toughest Negotiators You Know--Your Kids, with Paul Raeburn.
About Annie Duke:
Annie Duke has leveraged her expertise in the science of smart decision making to excel at pursuits as varied as championship poker to public speaking. For two decades, Annie was one of the top poker players in the world. In 2004, she bested a field of 234 players to win her first World Series of Poker (WSOP) bracelet. The same year, she triumphed in the $2 million winner-take-all, invitation-only WSOP Tournament of Champions. In 2010, she won the prestigious NBC National Heads-Up Poker Championship. Prior to becoming a professional poker player, Annie was awarded the National Science Foundation Fellowship. Thanks to this fellowship, she studied Cognitive Psychology at the University of Pennsylvania.
About Liv Boeree:
Olivia "Liv" Boeree is a poker player, TV presenter and model from England who won the 2010 European Poker Tour in Sanremo. Born in Kent, Boeree studied at Ashford School before going on to earn a First Class Honours degree in Physics with Astrophysics at the University of Manchester. She was the #1 ranked female player on the Global Poker Index as of November 2015, and #6 on the female all-time live poker winnings list.
About Julia Galef:
Julia Galef is a New York-based writer and public speaker specializing in science, rationality, and design. She serves on the board of directors of the New York City Skeptics, co-hosts their official podcast, Rationally Speaking, and co-writes the blog Rationally Speaking along with philosopher of science Massimo Pigliucci. She has moderated panel discussions at The Amazing Meeting and the Northeast Conference on Science and Skepticism, and gives frequent public lectures to organizations including the Center for Inquiry and the Secular Student Alliance. Julia received her B.A. In statistics from Columbia in 2005.
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