Synopsis
In this introductory text, we explain the key concepts and strategies of game theory, alongside the well-known "games" in which these principles are put to the test. Instead of overwhelming the reader with complex equations and jargon, we unravel the fascinating world of game theory through engaging and entertaining narratives, presenting the fundamentals of the field in an accessible style. Perfect for students beginning their journeys in economic theory and general readers alike, this book will foster an understanding of the hidden strategies at play in all kinds of human interaction. Game theory, which can also be referred to as the science of strategy, is the study of how agents – individuals, firms, institutions and governments – make a decision when the outcome of their moves depends on the decisions of others. In these situations, the agents sometimes cooperate, sometimes clash, sometimes do both and sometimes act randomly. From low-stakes, everyday decisions to pivotal negotiations between international governments, game theory is applicable to all aspects of our lives as social beings. Among other applications of game theory, the book proposes a referee assignment system for football competitions like the English Premier League, incorporating team preferences for greater fairness. It also proposes an AI-based method to reduce chess draws, where moves are scored based on their proximity to optimal play, and the player with the highest score wins in the event of a draw.
About the Authors
Nejat Anbarci was born in 1959. He earned his PhD in economics from the University of Iowa, USA, in 1988. After working as an assistant, associate and full professor in economics at US (1988–2008) and Australian (2008–2018) universities, he joined Durham University in the UK in 2018, where he currently serves as a professor. He has taught game theory extensively at various levels throughout his university teaching career. Prof. Anbarci has authored more than 65 international scientific publications, mostly in game theory, including in the highest impact factor (IF) journals in their respective fields, such as the Quarterly Journal of Economics (economics), Management Science (business), and Physical Review Letters (physics). His Erdős number, which is highly prestigious in the mathematical sciences, is 3.
Kemal Kıvanç Aköz was born in Istanbul. After receiving his bachelor's degree (2005) and master's degree (2007) in economics from Bilkent University, Türkiye, he completed his PhD in economics at New York University in 2014. Until 2018, he worked as a postdoctoral research fellow at New York University Abu Dhabi in the United Arab Emirates. Since 2018, he has been working as an assistant professor at HSE University (Moscow) in Russia. His Erdős number is 4. Dr Aköz primarily conducts theoretical research in the fields of game theory, political economy, and matching theory.
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