Game theory is a simple concept but has many smaller aspects that make
Game theory is a simple concept, but has many smaller aspects that make it more complex and challenging. The Batman video does help in explaining them a little better using entertainment. I thought it helped and was not silly. Game theory can be used in selecting what music to play in a party, depending on what people might be there and what the party is for. One can choose to play a song to lift the people up in a spiritual sense or for motivation, versus just trying to make them dance and enjoy an particular atmosphere (Unknown Author 2017).
I find it easier to follow certain aspects of both examples, but depending on the subject matter. The example on the Batman video or the following video was easier to follow with the examples given and the enthusiasm of the people in the videos versus the power point tutorials or readings, but the graphs used in the tutorial previously with real life implications and examples helped understand certain aspects I was unclear about. If I had to make a choice it would be the YouTube videos (CrashCourse 2017).
CrashCourse (2017) retrieved from YouTube; Game Theory and Oligopoly: Crash Course Economics #26 on September 26, 2017 from https://www.youtube.com/watch?v=PCcVODWm-oY
Unknown Author (2017) retrieved from Trident.edu Module 3 discussion; YouTube on September 26, 2017 from https://www.youtube.com/watch?v=JMq059SAQXM
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Stephen
Both the Batman video and the video I found helped me to understand the concept of game theory. In the Batman video, its comparison in the movie was the scene with the different boats of people and the choices they were given to blow a boat up or not. They were given choices, and had to try to make a decision based on the best outcome for themselves. For the video I’ve found it provided a breakdown of game theory, as the Batman video did, but I found that the other video was explained a bit better, in my opinion.
In my workplace, I could probably say that a situation of game theory could be two people possibly competing for promotion. If the first person decides to compete, and the second doesn’t, the first person has a better chance. If both decide to compete, it’s a 50/50 chance. If the first person does not compete, and the second does, the second person has a better chance. If both decide not to compete, they both have no chance.
I’ve found that the game theory matrices are easier to follow. Not to say that the math equations and calculations are difficult, but the game theory concept is just more simplistic. Check out the link provided below and share your thoughts 🙂
Green, H. (2016). Scishow. Game theory- the science of decision making. Retrieved from https://www.youtube.com/watch?v=MHS-htjGgSY
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