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Showing posts from June, 2020

Drawing Insights from Game Theory to Make Career Decisions

Today’s career paths are widely diverse, but there’s one thing they all have in common: the scarcity of resources. Resources are scarce; they have always been. Be it the amount of time you can devote to a particular career goal, the money you can invest on it, or the energy you can afford to spend in pursuing a career goal – they are all limited. That’s where economics steps in – the science of managing scarce resources. There is one particular branch of economics that deals specifically with decision making in adversarial situations, and it tells us a lot about the way we should be making decisions in life – game theory. A little backgroundThe game theory deals with the study of ways in which the choices of parties involved in a particular situation/transaction/circumstance affect each other, often in ways that were not intended by either of the parties. The ‘game’ here has a quite broad meaning – anything that involves interaction between two or more parties. Games can be either fin…
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