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Understanding Economics
- Game Theory
- Narrated by: Jay R. Corrigan
- Length: 5 hrs and 39 mins
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Understanding Economics
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Summary
Game theory is the study of strategic decision-making in politics, sports, diplomacy, and a host of other areas, but especially in economics, where game theory flourishes. Understanding Economics: Game Theory introduces you to this fascinating field, which combines the fun and challenge of games with the logic of brain teasers. In 12 engaging half-hour lessons, Professor Jay R. Corrigan of Kenyon College analyzes such classic games as the prisoner’s dilemma and the hawk-dove game. While these particular games involve lawbreakers and animal rivalries, they have applications to many situations.
Each lesson is devoted to a handful of examples, which you investigate in detail, working out the possible strategies for the different competitors and their expected payoffs. Along the way, you discover why it’s hard to buy a good used car, why people confess to crimes they didn’t commit, why athletes ignore the risks and use performance-enhancing drugs, and how to bid in different kinds of auctions to increase your payoff—and also why you might regret winning one special type of auction.
Professor Corrigan covers fundamental concepts, such as dominant strategy and Nash equilibrium, the latter named for the reclusive genius who was profiled in the movie A Beautiful Mind. He teaches you how to diagram a game with a payoff matrix, which is a table that shows every player’s payoff based on the chosen strategies. You also practice backward induction, where you start at the game’s last round and work your way back to the beginning to determine your best opening move. These are all powerful tools for seeing the game from opposing points of view and uncovering an optimum strategy. After taking this course, you’ll know what to do the next time you bargain for a used car or get caught in the frenzy of an auction.
PLEASE NOTE: When you purchase this title, the accompanying PDF will be available in your Audible Library along with the audio.
What listeners say about Understanding Economics
Average customer ratingsReviews - Please select the tabs below to change the source of reviews.
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Overall4 out of 5 stars
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Performance5 out of 5 stars
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Story5 out of 5 stars
- Chrissy
- 12-05-22
Good but a bit short.
As the headline says. It scratches Game Theory but it's a bit short. Nevertheless there are interesting nuggets here.
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1 person found this helpful
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Overall3 out of 5 stars
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Performance5 out of 5 stars
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Story4 out of 5 stars
- Mark Lancaster
- 15-06-22
Good to gain an understanding of game theories
I liked the content but later on in the presentation it was harder to visualise what the presenter was doing as the audio is ripped from a video course.
I will revisit the explanations with the accompanying pdf to hand.
The presenter is very enthusiastic about his topic which rubs off. He sounds a little like Jim Rohn.
The subject gets quite complex towards the end with calculus involved in the final sessions.
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Overall5 out of 5 stars
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Performance5 out of 5 stars
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Story5 out of 5 stars
- Auguste Dupin
- 03-02-22
Superb introduction to game theory
This is an excellent presentation of key concepts in game theory. It truly is a "great course" since Prof Corrigan goes through the (basic) mathematics of the games, and to get all the details you will definitely want the excellent PDF companion. But you should be able to get the basics just by listening, and then pick up the rest when you have some leisure. The examples are very good. As usual,, they tend to be from the USA, but for this topic its OK. Corrigan is a great speaker.
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2 people found this helpful
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Overall2 out of 5 stars
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Performance3 out of 5 stars
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Story3 out of 5 stars
- Andrew
- 05-06-22
Doesn’t work as an audiobook.
Doesn’t really work as an audiobook. The lecturer also has an annoying accent. The drawl is too much.
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