Game Theory For Everyday Decisions | Undergrad Success
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Game Theory For Everyday Decisions

Game Theory For Everyday Decisions

Games are fun to play and most people see this as a place to dwell in just at their leisure time. However, it has become a thing of attention that there are various ways that the theories that we get familiar with in games become advantageous in the daily decisions we make in life. Even to the extent that certain individuals earn the Nobel Prize in economics for their work in game theory, a method of thinking strategically.

Ways to easily adopt game theory in making one’s life better

We will take a walk down the lane of different ways to utilize game theory for everyday decision-making:

  • Negotiation of salary: For those that don’t already know, requesting a salary increase is usually dependent on the salaries of others in the company. In that a lot of people are included in such game scenario, it makes it more complex. So it is better to break down the negotiation to one partner and make it a one on one negotiation using game theory. And to do this, one should first do the preliminaries: make effort to minimize risk, be ready to make the first offer, avoid overestimating, be sure you are credible, continuity is key, and you should lastly keep a relationship that is reciprocal with the negotiator.
  • Saving on a car purchase: Using game theory can get you a better deal when buying a car rather than just walking into a dealership to bargain with a salesman. First, you should locate several dealerships within a certain radius and get their contacts. Call each of them and make them understand you want a particular car, but you are willing to buy from the one that would give you the best deal at a particular time. Be ready to hear them tell you they don’t bargain over the phone, so you should do well by responding that you know of greats deals that were done over the phone. At the end, you would make the dealer attempt to beat others by giving you an offer lower than they give under usual circumstances.
  • In poker games: when it comes to bluffing at a pace not too irregular and not too often, the game theory usually comes in handy. We realized from top online casinos that you just have to be certain that the odds you are opting for are equal to the odds that your contender gets in the pot. This way, you can be sure of being at an advantage over your opponents odds if you make the right move at the right time. Playing the optimal strategy on your hand is usually the best of decisions in game theory. So, ensure that you comprehend the odds and play with the odds in mind rather than constantly interchanging your pattern in order to match the situation.

There are several other ways that people confess of having applied the game theory and it made their lives easier. Right from making more money in marketing, getting better negotiation results in real estate, taking advantage of better odds in fantasy sports, getting better deals at auctions, and you can click here for more. We all experience these traits daily; it’s just a matter of paying attention. Keep enjoying the joy of being able to apply game theory to your daily life.

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