Playing rock, paper, scissors, Christie’s and Sotheby’s helped a Japanese corporation decide who would auction its $20 million art collection.
Looking at the game theory behind congressional debt ceiling negotiations, we see a classic example of the prisoner’s dilemma.
The one similarity shared by the U.S. China Trade War, OPEC negotiations, and two burglars separated in jail is the Prisoners’ Dilemma.
Confirming that economics relates to almost everything, game theory can explain yesterday’s women’s World Cup semifinal penalty kick save by the U.S. team.
Whether looking at an art heist, government shutdown negotiations or a soccer shootout, game theory can explain people’s behavior.
We can use economic game theory to understand the decisions made by kickers and goalies during World Cup penalty shootouts.
Our everyday economics includes externalities, branding, monopolistic competition, sovereign debt, game theory, elasticity, taxes, markets and the glass ceiling.
For insight on how Greece and Germany handle the prisoner’s dilemma as they negotiate Greek debt, we can compare their differences and eurozone loyalty.