Game Theory–Strategies and Payoffs

Overview:

In this lesson, students will learn about game theory. In particular, students will think about the standard prisoner’s dilemma as it relates to routine business decisions. Students will compare and contrast one-time games and repeated games, looking at the incentives for cooperation in both. After reading the Knowledge@Wharton article,”Forecasting in Conflicts: How to Predict What Your Opponent Will Do,” students will think about game theory in personal decision making by playing a short game.

NBEA Standard(s):
  • Personal Finance, I. Personal Decision Making
  • Personal Finance, VIII. Protecting Against Risk

Lesson Plan Details:

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