Driving the best possible bargain now isn’t the best long-term strategy, according to game theory

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Their work inspired academics around the world to delve deeper into what’s known as game theory.

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The ConversationThe Conversation
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https://theconversation.com/driving-the-best-possible-bargain-now-isnt-the-best-long-term-strategy-according-to-game-theory-218028https://theconversation.com/driving-the-best-possible-bargain-now-isnt-the-best-long-term-strategy-according-to-game-theory-218028
Retrieved on: 
Tuesday, February 6, 2024
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Tags: 
Distrust, Negotiation, Game theory, Economics, Research, Trust, University, Nobel, Science, Risk, Management
Summary
Key Points: 
  • Their work inspired academics around the world to delve deeper into what’s known as game theory.
  • In game theory, this is known as a zero-sum game, and it’s an easy trap to fall into.
  • A second dimension of game theory is whether people are playing a one-shot or a repeated game.
  • In fields as diverse as health care to high-tech, I see growing real-world evidence backing up the insights of game theory.
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