3 game theory tactics, explained

How to maximize wins and minimize losses, explained by four experts on game theory. Game theory is a useful tool for decision-making in situations where the outcome depends on multiple parties. It provides a systematic way to analyze the interdependence of individuals or organizations and their potential strategies. Not only does game theory help you identify the optimal strategy for achieving your goals, it can also help you avoid the sunk-cost fallacy — the tendency to persist in an endeavor because of the resources you've already invested. By taking into account the potential actions and responses of other players, game theory allows you to minimize your losses and make informed choices that lead to better outcomes. Whether you're negotiating a business deal or making investment decisions, game theory can be a valuable asset in helping you make smarter choices and achieve your objectives ------------------------------------------------------------------------------------------------------------------------------------------------------ Chapters:- 0:00 What is game theory? 1:08 War: Learn from Reagan and Gorbachev 2:58 Poker: The sunk cost fallacy 5:56 Zero-sum games: The minimax strategy ------------------------------------------------------------------------------------------------------------------------------------------------------- Listen To This Next: Adam Grant's #1 phrase to unlock potential The science of super longevity Beat anxiety with the most addictive experience on Earth ------------------------------------------------------------------------------------------------------------------------------------------------------ Go Deeper with Big Think: ►Become a Big Think Member Get exclusive access to full interviews, early access to new releases, Big Think merch and more ►Get Big Think+ for Business Guide, inspire and accelerate leaders at all levels of your company with the biggest minds in business About Kevin Zollman: Kevin Zollman is an associate professor in the Department of Philosophy at Carnegie Mellon University. He is also an associate fellow at the Center for Philosophy of Science at the University of Pittsburgh, visiting professor at the Munich Center for Mathematical Philosophy (part of Ludwig-Maximilians Universität), and an associate editor of the journal Philosophy of Science. His research focuses on game theory, agent based modeling, and the philosophy of science. Zollman is the co-author of The Game Theorist's Guide to Parenting: How the Science of Strategic Thinking Can Help You Deal with the Toughest Negotiators You Know--Your Kids, with Paul Raeburn. About Annie Duke: Annie Duke has leveraged her expertise in the science of smart decision making to excel at pursuits as varied as championship poker to public speaking. For two decades, Annie was one of the top poker players in the world. In 2004, she bested a field of 234 players to win her first World Series of Poker (WSOP) bracelet. The same year, she triumphed in the $2 million winner-take-all, invitation-only WSOP Tournament of Champions. In 2010, she won the prestigious NBC National Heads-Up Poker Championship. Prior to becoming a professional poker player, Annie was awarded the National Science Foundation Fellowship. Thanks to this fellowship, she studied Cognitive Psychology at the University of Pennsylvania. About Liv Boeree: Olivia "Liv" Boeree is a poker player, TV presenter and model from England who won the 2010 European Poker Tour in Sanremo. Born in Kent, Boeree studied at Ashford School before going on to earn a First Class Honours degree in Physics with Astrophysics at the University of Manchester. Get Smarter, Faster.... With Episodes From The Worlds Biggest Thinkers. Follow The Podcast And Turn On The Notifications Share This Episode If You Found It Valuable Leave A 5 Star Review Learn more about your ad choices. Visit megaphone.fm/adchoices