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Tuesday, October 11, 2005
Nobel prizes and the lot
The 2005 Nobel prize for economics was awarded to two men for their work in game theory:
Professor Schelling has specialised in explaining strategies of international conflict, such as nuclear war.
Professor Aumann has developed the theoretical underpinnings of bargaining, co-operation and conflict.
I prefer to think of game theory as the science of bad choices. I've spent years proving one of the primary axioms: the chances of making a bad choice increase exponentially according to the consumption of alcohol...
Here's a reporter's summary of the actual science:
Professor Aumann's work has centred on a different element of game theory, the question of whether co-operation increases if games are continually repeated.
He showed that co-operation is less likely when there are many participants, when interactions are infrequent, when the time horizon is short or when others' actions cannot be clearly observed.
I get the feeling that he mined a ton of data from the Bush administration.
