tag:blogger.com,1999:blog-11906042.post8022963283369765233..comments2024-03-22T11:55:50.335+13:00Comments on Not PC: Game-theory garbage [updated]Peter Cresswellhttp://www.blogger.com/profile/10699845031503699181noreply@blogger.comBlogger8125tag:blogger.com,1999:blog-11906042.post-25674084462383006922015-09-15T13:08:43.627+12:002015-09-15T13:08:43.627+12:00Nowadays, study of game theory is very common. Tha...Nowadays, study of game theory is very common. That study is highly based on strategic decision making. That study is no doubt a complex study and can't be done without some help. <a href="http://gametheorymasters.com/" rel="nofollow">game theory help</a>Vasiliki Mattesonhttps://www.blogger.com/profile/07708558663394930121noreply@blogger.comtag:blogger.com,1999:blog-11906042.post-55174096561455886202015-09-14T01:54:10.603+12:002015-09-14T01:54:10.603+12:00This comment has been removed by the author.James Tomhttps://www.blogger.com/profile/13465779151479102483noreply@blogger.comtag:blogger.com,1999:blog-11906042.post-9803789561724402592015-09-05T13:52:08.194+12:002015-09-05T13:52:08.194+12:00Thanks Paul. I've read the Foss. I'll try ...Thanks Paul. I've read the Foss. I'll try to track down the Sauce. Elgar Companion looks excellent, but last time I looked a fair way out of my price range.<br />"Its good and useful when used well and not so useful when used badly." I'd suggest it's so little use that students should waste but little time on it, and concentrate instead on the core (or what should be the core) of their discipline. If, for instance, they know all about the mathematics of game theory, and nothing about the Law of Costs (which describes most students I've come across), then they really know nothing about the subject they're purporting to study.Peter Cresswellhttps://www.blogger.com/profile/10699845031503699181noreply@blogger.comtag:blogger.com,1999:blog-11906042.post-4880198445249550562015-09-03T18:55:12.612+12:002015-09-03T18:55:12.612+12:00A reference if you want to understand game theory ...A reference if you want to understand game theory is "Austrian Economics and Game Theory: a Stocktaking and an Evaluation" by Nicolai J. Foss. You will find it at Mises.org: https://mises.org/library/austrian-economics-and-game-theory-stocktaking-and-evaluation. "He begins by arguing that Austrians have neglected game theory at their peril, and then suggest that game theoretic reasoning could be one way of modelling key Austrian insights."<br /><br />And Loïc Sauce, "Austrian Economics and Game Theory: Any Gains from Trade?": "The aim of the paper is twofold. First, the paper assesses the compatibility of the epistemic foundations of game theory (dubbed “potential omniscience”) and Austrian economics (dubbed “unknowledge”). This assessment is done through the lens of the triptych universe/learning/uncertainty. Despite their deep differences, their epistemics can be seen as the two poles of a “knowledge spectrum”, making them complementary. Second, we determine when to apply which one. We hypothesize that the epistemics of game theory is better suited to analyze what we call structurally stable economic configurations. Extending an underdeveloped idea of Lachmann (1986), we propose that the easiness of capital redeployment determines the degree of structural stability of an industry. By doing this, we establish an original relationship between knowledge, entrepreneurship and capital."<br /><br />And the "The Elgar Companion to Austrian Economics" includes a chapter on "Social institutions and game theory" by Andrew Schotter.<br /><br />And so on. Austrian economics, like mainstream economics, can use game theory and use it to advantage. Its not about the tool, its about the user. The point being that like all tools game theory can be used well and used poorly. Its good and useful when used well and not so useful when used badly.Paul Walkerhttps://www.blogger.com/profile/13731003529546075700noreply@blogger.comtag:blogger.com,1999:blog-11906042.post-30490749735761927732015-09-03T17:49:09.438+12:002015-09-03T17:49:09.438+12:00Let me start with a few examples and then some ver...Let me start with a few examples and then some very simple question:<br /><br />"The Babylonian Talmud is the compilation of ancient law and tradition set down during the first five centuries A.D. which serves as the basis of Jewish religious, criminal and civil law. One problem discussed in the Talmud is the so called marriage contract problem: a man has three wives whose marriage contracts specify that in the case of this death they receive 100, 200 and 300 respectively. The Talmud gives apparently contradictory recommendations. Where the man dies leaving an estate of only 100, the Talmud recommends equal division. However, if the estate is worth 300 it recommends proportional division (50,100,150), while for an estate of 200, its recommendation of (50,75,75) is a complete mystery."<br /><br />"You want to calculate fair and efficient landing and take-off fees for Birmingham airport in the UK"<br /><br />"You want to allocation fixed and joint costs of a library to the departments in a university."<br /><br />Questions:<br />1) explain the allocations from the Talmud problem.<br />2) how do you calculate the take-off fees?<br />3) how do you allocate the costs of the library?<br />4) why are all these problems the same basic problem?Paul Walkerhttps://www.blogger.com/profile/13731003529546075700noreply@blogger.comtag:blogger.com,1999:blog-11906042.post-79152812718111518892015-09-03T17:13:10.078+12:002015-09-03T17:13:10.078+12:00I think the "higgling" was one of Adam S...I think the "higgling" was one of Adam Smith's.Peter Cresswellhttps://www.blogger.com/profile/10699845031503699181noreply@blogger.comtag:blogger.com,1999:blog-11906042.post-24040496502303068052015-09-03T17:08:09.277+12:002015-09-03T17:08:09.277+12:00Nice. And I did not know that to higgle was also t...Nice. And I did not know that to higgle was also to haggle.gregsterhttps://www.blogger.com/profile/04786701115887458801noreply@blogger.comtag:blogger.com,1999:blog-11906042.post-80143094445802962102015-09-03T16:46:17.445+12:002015-09-03T16:46:17.445+12:00Our "students" are generally taught Keyn...Our "students" are generally taught Keynesian, that is socialism / communism.<br /><br />What's really ironic is that the same people who would want a teacher fired, if not shot, for teaching that the earth is flat, that evolution does not exist, or that the earth was designed by GOD are exactly the same people who want teachers fired or shot for teaching exactly the same basic economic truths.<br /><br />Anyone who believes in Keynesianism, in socialism, in communism, in unions, in welfare, in "democracy" setting tax rates or benefit rates, in taxation, in state control of health or education should be treated with exactly the same disdain as anyone who teaches that the earth is flat, or that the sun goes around the earth. <br /><br />In fact, such a liberal should be treated with far, far more disdain, as the consequences of a curved earth or a heliocentric solar system to everyday life are zero: but the consequences of economic falsehoods are massive and all-involving.<br /><br />I'm happy to let the liberals ban the teaching of creationism --- provided we ban the teaching of socialism / communism / Keynesianizm / unionism. Angry Torynoreply@blogger.com