Does Game Theory Work?

Given the current level of international interest in game theory and its applications in AI and computer science, it seems worth pausing to consider whether game theory actually works. This article considers the evidence available in support of the two most common interpretations of game theory: the descriptive interpretation, which considers game theory as trying to predict actual behavior, and the normative interpretation, which considers game theory as providing advice on how to act optimally.

Authors

• Michael Wooldridge University of Oxford

Keywords

• Game theory
• Artificial intelligence
• Behavioral science
• Level Of Interest
• Theory Of Interest
• Normative Interpretation
• Theoretical Computer Science
• Social Norms
• Secretary
• Auction
• Rational Choice
• Nash Equilibrium
• Prospect Theory
• Prisoner’s Dilemma
• Solution Concept
• Game-theoretic Model
• Expected Utility Theory
• Notions Of Choice
• effectiveness of game theory
• descriptive game theory
• normative game theory
• behavioral economics