Game Theory 101

Learn to think on your feet! Follow along with this game theory series to better understand how people behave when confronted with a variety of decisions.

What happens if two suspects are questioned on suspicion of robbery? If everyone is looking out for their own interests, the results might surprise you!

Learn to apply the Prisoner's Dilemma approach to a larger game using a tactic called iterative elimination of strategically dominated strategies.

Inspired by the movie "A Beautiful Mind?" Learn what it really means to find a Nash equilibrium—or win-win situation—in this Game Theory 101 lesson.

Game theory isn't just about winning or losing, it's how you play the game. Learn how the Nash equilibrium can help you achieve great things!

Do you play logic games or like to strategize? In this game theory lesson, learn how to solve for best responses based on the Nash equilibrium.

Do you know how to solve a two-player game that results in only one winner and one loser? Learn how to win a game when no pure strategy Nash equilibria exist.

How do you strategize or come to a decision when no pure Nash equilibria are present? This game theory lesson teaches you all about mixed strategy algorithms

Ever lost easy points on a game theory assignment or test for a slightly wrong conclusion? Learn why you should forsake the decimals and stick to fractions.

Learn how to run a mixed strategy algorithm—once you can calculate the payoffs for a mixed strategy, you can make an educated decision and the best choice.

In this game theory lesson, learn how to determine the the best possible outcome by calculating the payoffs for a mixed strategy Nash equilibrium.

In this game theory lesson on strictly dominant mixed strategies, learn how to improve your outcome by eliminating options that are least beneficial.

A show of weakness isn't always a bad thing – learn about weak dominance in game theory, and how these strategies can result in multiple Nash equilibria.

There's not always a single dominant strategy in a game theory scenario - discover how a set of mixed strategies can result in infinitely many Nash equilibria.

The Odd Rule states that almost all game theory games have an odd number of equilibria. Learn about the Free Money game, an exception to the Odd Rule.

How does game theory change when opponents make sequential rather than simultaneous moves? Learn about subgame equilibrium and credible threats.

War: what is it good for? Learn to use backward induction to determine each player's optimal strategy in deciding between peace and escalation to war.

Learn how not to write a subgame perfect equilibrium: avoid the classic blunders such as omitting strategies that are off the equilibrium path of play.

Most game theory scenarios have one subgame equilibrium, but if players are indifferent due to equal payoff, there can be multiple subgame perfect equilibria.

Learn when and why to burn your bridges (i.e., limit your own options) in this lesson on creating credible threats in subgame equilibrium game theory.

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.

Tackle the ‘Battle of the Sexes’ game from a new angle and learn to solve for pure and mixed strategy Nash equilibria using variables instead of numbers.

Slice into the precarious world of knife-edge equilibria - a kind of game theory equilibrium that exists for a single and exact payoff value.

The game's in overtime, so it's time for game theory! Learn how to solve for a player’s strategy when they’re faced with trying to score a soccer penalty kick.

Game theory fans, meet comparative statics. Learn how a game's outputs change as a function of its inputs and discover it’s real life implications.

Game theory strategies: why can't they all get along? Learn how to tell if a pure strategy is in support of a mixed strategy by calculating expected utility.

Want to dominate game theory? Work through the "Take or Share" game and learn a trick that will have you second guessing your mom's advice on sharing.

How can you win Rock, Paper, Scissors? Not with a pure strategy, that’s for sure! Learn the theory behind the game, and see why you just can't beat randomness.

Rock, Paper... Symmetry? Learn about symmetric zero sum games: game theory scenarios in which each player's expected utility at equilibrium must equal zero.

Solve a modified rock, paper, scissors game theory scenario, and along the way, learn about the zero sum theorem and mixed strategy Nash equilibria.

Game theory needn't mix you up! Use this algorithm to solve for the mixed strategy Nash equilibrium in games with three possible strategies.

You've tackled Game Theory 101, so what's next? Get a sneak preview of repeated games, incomplete information, bargaining, international relations, and voting.