Game Theory Explained in One Minute

One Minute Economics. (2016, August 30). Game Theory Explained in One Minute [Video]. YouTube. https://www.youtube.com/watch?v=YueJukoFBMU

This video is a summary of game theory in a minute. It is primarily focused on just defining what game theory is rather than going deep into examples of how the game work. Since it is a one minute video, it doesn’t take the time to specifically define the elements of Game Theory, but does a good jobs of giving a very simple explanation of what Game Theory is.

• The video is good for clarifying what game theory is not. It starts with an example of two people making a bet on how quickly the first can run a mile, which wouldn’t apply to game theory because only the actions of a single individual affects the bet.
• Secondly, it brought up how chess is scenario for game theory because each player’s moves affects the other’s but not all game theory scenarios are what would usually be described as games, but instead are framing the interactions as games.

I found this video very early on in the research process, and it was what inspired me to focus on game theory. I had ideas floating around in my head of what I wanted to research, but nothing really called to me. I always had a passing interest in what game theory talked about and looked at, but this video sparked the passion that was necessary for me to research it further.