The game theory of everyday life
Remember the days when you were free and could travel in the Delhi metro , you find a vacant seat in the metro. However the seat is a "reserved" seat ( for those of you who don't know , a reserved seat is a seat reserved for ladies and senior citizens ). Now , you need to take the decision of taking the seat or not. Various thoughts hover your mind - "I may have to free the seat anytime soon " , "it has been a tiring day , let it be " and so on. Game theory somewhat deals with situations like these , rather more complex ones. It is actually a "strategic art of decision making." Game theory can be applied to simple problems like taking up a seat in the delhi metro , playing a game of rock paper scissors and to complex problems like deciding the foreign trade policy , world predictions and even the decisions of confessing your feelings to someone you like ;) Infact , Bruce Bueno de Mesquita ( an academic at New York University ) made several...