So you’re standing at the edge of a cliff, chained by the ankle to someone else. You’ll be released, and one of you will get a large prize, as soon as the other gives in. How do you persuade the other ...

Adam Hayes, Ph.D., CFA, is a financial writer with 15+ years Wall Street experience as a derivatives trader. Besides his extensive derivative trading expertise, Adam is an expert in economics and ...

I'm a microeconomist by training and use the economic theory of games throughout most of my research program. Game theory is used as a tool for economic analysis whenever two or more players (people, ...

Cooperative game theory is often seen as a numbers-driven discipline rooted in mathematics. Yet beyond the equations lies a powerful framework, particularly in macroeconomics, for understanding how ...

But what does game theory look like in practice? What kinds of ‘games’ fall under this concept, and how do they enhance our understanding of strategic behavior in real-life situations? In this article ...

Human behavior drives the evolution of biological organisms in ways that can profoundly adversely impact human welfare. Understanding people's incentives when they do so is essential to identify ...