Using Game Theory In Real Life Decisions
https://www.businessinsider.com/how-to-use-game-theory-to-your-benefit-2012-4
This article is impactful in helping to understand game theory because it brings game theory down to every day life. It is easy to overlook the actual impacts that using game theory can have on us when we think of examples like the prisoner’s dilemma. The way that game theory can be used to benefit us mentioned in this article, such as buying a car or playing fantasy football, are things that many people do. It goes to show that if one is cognizant that game theory is all around us, they can reap the benefits by sticking to it.
In the course, we discussed game theories and Nash Equilibriums in depth. We learned that a Nash Equilibrium is when both parties give the best responses to each other, and this article stresses the importance of finding that equilibrium when making negotiations in real life. In class we also discussed the idea of a dominant strategy, where a party can make a decision that will always be the best outcome. This article suggests that many decisions one makes in real life has a dominant strategy that will result in getting more for less.