When we buy, sell, bargain, barter, bid at auctions, and compete for resources, we want to be sure that we are using the best strategies. Game theory can help us understand precisely these kinds of situations. That’s why in 1994, the Nobel Prize for Economics was won by a mathematician – John Nash.
Using games like the Prisoner’s dilemma, this lecture explains the work of game theorists such as Nash, David Blackwell and John von Neumann.
A lecture by Sarah Hart
The transcript and downloadable versions of the lecture are available from the Gresham College website: https://www.gresham.ac.uk/watch-now/game-theory
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