What Is Game Theory? | Outlier.org

Learn what game theory is in economics. We'll also go over discussing players, strategies, and payoffs. Plus explore Nash equilibrium, mixed strategies, and rationality in games.

Rajiv Sethi is a Professor of Economics at Barnard College, Columbia University and an External Professor at the Santa Fe Institute. He covers our Game Theory chapter within this course. His research deals with information and beliefs.

Chapters:
00:03 - Introduction to game theory and its key components
00:59 - Game theory as the language of strategic interaction
01:44 - Impact of our choices on the wellbeing of others
02:30 - Game theory as a tool for understanding and analyzing situations
03:17 - Use of auctions to allocate licenses and rights
04:06 - Bidding strategy and its dependency on payoffs and bids of others
04:51 - Influence of business strategies and advertising choices on profitability and competitors
05:42 - Role of individual actions in affecting the global environment and others


This lesson is excerpted from Outlier’s Intro to Microeconomics course. Learn more about this course and check out our full catalog at https://www.outlier.org.

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