On the current page, I will post questions that were sent to me regarding to application of game theory in real life.
You are more than welcome to send questions via the contact form below.
Question: Could everything studied in game theory be applied in real life?
Answer: Game theory is a powerful tool for analyzing strategic interactions and decision-making, but its applicability depends on the context and assumptions. In other words, some theories could be applied in real life, and some are not. For example, Auction Theory is an excellent example of using game theoretical tools widely applied in real life. Furthermore, some Nobel prize winners made this application possible. The last ones in 2020 were Paul Milgrom and Rober Wilson.
Question: Can game theoretical applications be helpful for a simple man on the street?
Answer: Throw game theory has an assumption of rationality or bounded rationality that does not always hold in the case of individual decision-making; in my current blog, I demonstrate how it could be applied in the day-to-day life of a simple person.
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