Great Game Theory Guide — #4 Best Game Theory Strategies for Solving Worst-Case Scenarios (7 minutes)

About: Applying Game Theory Strategies to solve problems, and for personal improvement

A worst-case scenario is a concept in risk management wherein a decision-maker, in planning for potential disasters, considers the most severe possible outcome that can reasonably be projected to occur in a given situation. In life, we are constantly placed in situations where we must make decisions, and some of these conditions may lead to worst-case scenarios.

How can we prevent this from happening? The solution to this dilemma is called Harrison’s Applied Game Theory (HAGT). HAGT is based on the multiple Nobel-Prizing ideas of game theory. In game theory, a person or group uses rational thinking to make a decision that will benefit them, or enable them to win”. This win happens irrespective of what other variables are in place, or what other people in the same scenario may do.

I created HAGT in 2003 because it was clear to me, as a magician, hypnotist, and stage mentalist, that most humans do not act rationally. Rather they present irrational ideas and biases to others…