Game Theory is the Study of Games Myth
Game theory involves games, but it isn’t the study of games. It is the study of mathematical models of conflict and cooperation regarding decision making.
Game Theory
Game theory is the statistics-based study of games that looks at both strategy and decision making to better understand social and technological systems. With this in mind, the focus is on analyzing social systems to better understand decision making and human behavior for the purposes of politics, economics, and business. It is largely a social science, but as applications in philosophy, computer science, and even the natural sciences.
Factoids tagged with "Game Theory"
Probability Theory Was Invented to Solve a Gambling Problem Fact
Blaise Pascal and Pierre de Fermat invented probability theory in 1654 to solve a gambling problem related to expected outcomes.
Identifying a Problem is Often Harder than Solving it Fact
Identifying a problem is often harder than solving it. Solving a problem requires a proper diagnosis, and that requires asking the right questions.
Adam Smith is the Father of Modern Economics Fact
Adam Smith can be considered the father of modern economics due to his influential works which explore the mechanics of morality, markets, and capitalism in an industrialized society.
The Average Person Can Make a Living off of Blackjack Myth
Very few can make a living off of blackjack. To win in the long run you must count cards, watch tables, risk big money, and employ questionable betting strategies.
Game Theory is the Science of Strategy Fact
Game theory is “the science of strategy,” a branch of mathematics that studies the strategy, rules, and statistics of decision making games and applies it to other fields.
Everyone Has 6 Degrees of Separation From Kevin Bacon Myth
Most people have about 6 degrees of separation (small world theory), but not everyone has 6 degrees of separation from Kevin Bacon or any other given person.
Blog Posts tagged with "Game Theory"
Political Duopolies
We explain political duopolies by looking at the political duopoly in the United States of America and other historic duopolies.