Commitment problems getting you down? Follow along with this game theory lesson to see how commitment problems can explain inefficient outcomes in real life.
Discover the Centipede Game, a game theory conundrum where the inability of players to credibly commit prevents a high payoff ... in theory. But in practice?
Learn about the mathematical modeling of game theory scenarios, and see why real players don't always follow the solution suggested by backward induction.
You know about backward induction in game theory, which assumes that all future play will be rational. But what about the opposite technique? Learn it here!
Learn how probability distributions affect advanced strategic form game theory puzzles, and how to solve the mixed strategy algorithm using variables.
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