Game Theory Explained in One Minute

You can't be good at economics if you aren't capable of putting yourself in the position of other people and seeing things from their perspective, you just can't.

Game theory helps you do just that.

Whenever you're involved in situations in which the outcome depends not only on your actions but on the actions of other participants as well, game theory is all about helping you figure out what the best approach is based on what the other (presumed to be rational) actors are more likely to do.

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