5 Things You Should Know About Game Theory
Much of my work, including the creation of life strategies, the study of business, investing, and general problem-solving is based on Harrison’s Applied Game Theory (HAGT), a system I developed for helping people to make wiser decisions in group interactions.
It might be helpful before we explore how you are going to reinvent your life we begin with a short introduction to the basics of HAGT. Below is an article (a 6-minute read) as well as a more in-depth video embedded in the article. Both were created so they would be understood by a 12-year-old.
The Best Introduction to Game Theory, Simple and Easy to Understand — Written for a 12-Year-Old
Q. Lewis, what is the meaning of game theory?
Game theory is the study of strategic decision making. Specifically, it is “the study of mathematical models of conflict and cooperation between intelligent rational decision-makers.” An alternative term suggested “as a more descriptive name for the discipline” is interactive decision theory. Game theory is mainly used in economics, political science, and psychology, as well as logic, computer science, and biology.
1. Originally game theory only addressed zero-sum games, such that one person’s gains exactly equal net losses of the other participant or participants. Today, however, game theory applies to a wide range of behavioral relations and has developed into an umbrella term for the logical side of decision science, including both humans and non-humans (e.g. computers, animals).
2. Modern game theory began with the idea regarding the existence of mixed-strategy equilibria in two-person zero-sum games and its proof by John von Neumann. Von Neumann’s original proof used Brouwer's fixed-point theorem on continuous mappings into compact convex sets, which became a standard method in game theory and mathematical economics. His paper was followed by the 1944 book Theory of Games and Economic Behavior, co-written with Oskar Morgenstern, which considered cooperative games of several players. The second edition of this book provided an axiomatic theory of expected utility, which allowed mathematical statisticians and economists to treat decision-making under uncertainty.
3. This theory was developed extensively in the 1950s by many scholars. Game theory was later explicitly applied to biology in the 1970s, although similar developments go back at least as far as the 1930s.
4. Game theory has been widely recognized as an important tool in many fields. With the Nobel Memorial Prize in Economic Sciences going to game theorist Jean Tirole in 2014, over a dozen game-theorists have now won the economics Nobel Prize. John Maynard Smith was awarded the Crafoord Prize for his application of game theory to biology.
5. Harrison’s Applied Game Theory (HAGT) was developed in early 2000. Unlike traditional game theory, it assumes that in the game of life most players are emotionally driven-irrational agents who frame their behaviors to appear rational to others who are doing the same as they are.
By “reading” and isolating leaks the HAGT specialist can determine how other players are likely to behave and also make choices.
By learning HAGT a game theorist can influence the actions of other players and this increase the HAGT players chance of winning a zero-sum (win-lose) scenario,
Author: Lewis Harrison is an Independent Scholar with a passion for knowledge, personal development, self-improvement, and problem-solving. He is the creator of Harrison’s Applied Game Theory. His website is AskLewis.com
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