Thursday, November 4, 2010

Game theory 15 minutes challenge develpment

Potential games:
2/3 of the averageconsensus gameprisoners dilemmatravelers dilemmacentipede gamemuddy childrendollar auctionnumber battlesecretery/marriage problem
The focus of this should be how people think about risk. How do we weigh the pros and cons of what we've got relative to what we could have. How rational is our appreciation of the uncertainties about some outcome when there is something to be lost and gained.Examples of this thinking are seen in the Weakest Link and Who Wants to be a Millionaire. In the former it is the decision as to when to bank- should the contestant bank earlier to ensure some money banked or later to potentially bank more money but risk banking nothing? WWTBAM the contestant can walk away without playing the next question but may risk answering the question for a potentially significantly more amount of money.I think playing the centipede game with sweets could be a good interative game to start.then discuss the strategies usedwhy did they do what they didwhat did they learnwhat would they do differently next time.We want to develop an appreciation of individual levels of trust, risk aversion and selfishness.
Ground in day to day life: continuously making personal judgements in the present of uncertainty and risk. Whether is is going to rain, should we change job (probably not good for a school child!), should we cross the road, should we spend or money on item X, etc?
In business and politics the same thinking applies: should business X advertise more that business Y? should country X spend more on defence than country Y? should university X charge more fees??
The marriage problem could be relevant to teenagers because of the dating element. How can we know whether to stick or continue?

The muddy children game can be played with post-it notes or coloured hats instead. This demonstrated what we learn when NOTHING happens.

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