Game theory analyzes strategic interactions in economics, politics, and biology, offering frameworks for optimizing outcomes in complex, competitive systems.
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Similar ideas to Game theory models decision-making
A mental model is an explanation of how something works. They are beliefs, worldviews or frameworks of thinking. You carry a certain kind of thinking in you to arrive at a solution to a problem.
Some examples:
Over 50 years ago, economist William Baumol noted that economics was a theory of the economy that left no place for entrepreneurship. Economic models, simply put, were “entrepreneur-less.” Economics is no better today; in fact, it’s arguably worse. It focuses on faceless economic...
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