Game Theory Explained in One Minute

Подписаться 193 тыс.

Просмотров 663 тыс.

50% 1

You can't be good at economics if you aren't capable of putting yourself in the position of other people and seeing things from their perspective, you just can't.
Game theory helps you do just that.
Whenever you're involved in situations in which the outcome depends not only on your actions but on the actions of other participants as well, game theory is all about helping you figure out what the best approach is based on what the other (presumed to be rational) actors are more likely to do.
Please like, comment and subscribe if you've enjoyed the video.
To support the channel, give me a minute (see what I did there?) of your time by visiting OneMinuteEconomics.com and reading my message.
Bitcoin donations can be sent to 1AFYgM8Cmiiu5HjcXaP5aS1fEBJ5n3VDck and PayPal donations to oneminuteeconomics@gmail.com, any and all support is greatly appreciated!
Oh and I've also started playing around with Patreon, my link is:
/ oneminuteeconomics
Interested in reading a good book?
My first book, Wealth Management 2.0 (through which I do my best to help people manage their wealth properly, whether we're talking about someone who has a huge amount of money at his disposal or someone who is still living paycheck to paycheck), can be bought using the links below:
Amazon - www.amazon.com/Wealth-Managem...
Barnes & Noble - www.barnesandnoble.com/w/wealt...
iBooks (Apple) - itun.es/us/wYSveb.l
Kobo - store.kobobooks.com/en-us/ebo...
My second book, the Wall Street Journal and USA Today bestseller The Age of Anomaly (through which I help people prepare for financial calamities and become more financially resilient in general), can be bought using the links below.
Amazon - www.amazon.com/Age-Anomaly-Sp...
Barnes & Noble - www.barnesandnoble.com/w/the-...
iBooks (Apple) - itunes.apple.com/us/book/age-...
Kobo - www.kobo.com/ww/en/ebook/the-...
Last but not least, if you'd like to follow me on social media, use one of the links below:
/ oneminuteeconomics
/ andreipolgar
/ andrei-polgar-9a11a561

Опубликовано:

29 авг 2016

Ссылка:

Скачать:

Готовим ссылку...

Добавить в:

Мой плейлист

Посмотреть позже

Комментарии : 171

@OneMinuteEconomics 9 месяцев назад

GiganticWebsites.com is a project through which I make it possible for people to build truly gigantic websites (thousands of articles each!) at ridiculously low prices. If you have a great domain you want to turn into an amazing website or an existing site you'd like to upgrade/scale, visit our website or check out the One Minute Economics presentation video below: ru-vid.com/video/%D0%B2%D0%B8%D0%B4%D0%B5%D0%BE-gE8yEOQFMvo.html Please note that this comment is not an ad for a third-party service provider. GiganticWebsites.com is my baby 100% and I will personally be involved in each and every project so as to ensure the website turns out great :)

@marky1010 7 лет назад

This video doesnt explain game theory whatsoever...just says where it applies

@florisramaekers2362 6 лет назад

true

@johncloois3301 4 года назад

As I just typed, the first 15 secs are worthless.

@TheAnimeEncyclopedia 3 года назад

Yes Game Theory. Those guys ruining our childhood since 2011 XD

@brienluck4783 2 года назад

This video is for people who do not want to watch a long video.

@dilvishpa5776 2 года назад

I was going to write the same thing. It is a description, not an explanation.

@darkfirey2 7 лет назад

The first guy is called Matt and this video is about game theory... I get it....

@OneMinuteEconomics 7 лет назад

Just a coincidence, I've randomly chosen to call him Matt. Scout's honor.

@darkfirey2 7 лет назад

That is quite spooky holy

@OneMinuteEconomics 3 года назад

One Minute Economics needs your help! Please give me a minute (heh) of your time by watching the following video if you find the channel useful, literally anyone can help (either financially or by spreading the word about my work): ru-vid.com/video/%D0%B2%D0%B8%D0%B4%D0%B5%D0%BE-io04ckq1X1M.html

@TheAnimeEncyclopedia 3 года назад

But that's just a Theory... A GAME THEORY!! Thanks For Watching

@OneMinuteEconomics 3 года назад

@unknownunknown5363 Год назад

@@OneMinuteEconomics And you :D's you small D?. Stop supporting shit, Not subscribed

@salmashah9532 Год назад

Very short , comprehensive and vivid approach for such hard and boring topics is a stunning work, bundle of thanks

@OneMinuteEconomics Год назад

Fighting the good fight, or so I hope haha... thatnks a ton for the kind words Salma!

@JustMe-999a 8 месяцев назад

Except, it doesn't explain what game theory is .....at all

@stickman2099 5 месяцев назад

I know you used vyond

@naturalselectioninvesting 7 лет назад

Seriously I love your videos, and they are so helpful, I do not doubt the fact that in a little amount of time you will get the big 10,000 than 100,000, thank you for your videos and keep up the good work, I would like to know more about derivatives even though you already made a video on it, thankyou

@OneMinuteEconomics 7 лет назад

Thanks a lot for the words of encouragement Jared, it means a lot to me that people are letting me know they appreciate my work. Seriously, thanks a LOT :) I'll publish some videos about specific derivatives-related issues later on, still thinking about what the best approach would be. I'm sure other viewers also want to know more about derivatives, especially about their role in the Great Recession and things like that. Will do my best to help.

@eddisonlewis8099 6 лет назад

The Game Theory is definitely an interesting theory that can be applied in computer science such as in Artificial Intelligence- Big Data!

@auspicioustoot 4 года назад

Um, how? I don’t see it.

@Passport2Passion 4 года назад

I have a playlist of videos on Game Theory. Many of them give examples taken from Computer Science. You can see that in this URL: ru-vid.com/group/PLm_COkBtXzFo2EszhrgtNPBbhD4RO372n

@brienluck4783 2 года назад

Thank you for the concise explanation.

@OneMinuteEconomics 2 года назад

Thank YOU for the kind words :)

@roryboytube 5 лет назад

Tells you nothing about game theory

@harryclark7404 3 года назад

Read some chapters in a book then? A one minute video cannot possiblyvexplain game theory in it’s entirety.

@JK17-1 Месяц назад

@@harryclark7404r/woosh

@user-gn1ec3ie8i 8 месяцев назад

Its just a theory. A gaaame theory

@yogiblak7819 4 года назад

Stop looking at 1 minute vids and assume you'll learn everything about the topic and then get mad when you don't understand it and attack the publisher. Take what he says and then GOOGLE it and RESEARCH. Before that, actually appreciate the publisher for doing the work and even taking the time. If you want to go more in depth, RESEARCH.

@OneMinuteEconomics 4 года назад

Fair point, thanks! Also, I frequently follow up with videos through which I focus on just one topic that has been mentioned in a broader previous video, with the intention of creating a comprehensive playlist which teaches viewers everything that need to know... one minute at a time :)

@Skootfairy 5 месяцев назад

This capture the breadth of the topic without getting bogged down in details right away. Perfect for sharing with a friend that hasn't heard of it before. Kinda whet the appetite to dive in!

@OneMinuteEconomics 5 месяцев назад

Appreciate the kind words and concept validation, thanks a lot :)

@SpookieSTL 7 лет назад

So informative short and right to the point! I could use more stuff like this in my life! Thanks subbed for more mate! :D

@OneMinuteEconomics 7 лет назад

Thanks a lot for the kind words, really happy you've enjoyed the video :) I'll be publishing another very interesting video about game theory in a few minutes, it's about the Prisoner's Dilemma. Fascinating stuff!

@SpookieSTL 7 лет назад

Ohhh I have to see it than! :D

@MohamedAbdelghanyOfficial 6 лет назад

Do you have a video about decision theory please ?

@OneMinuteEconomics 6 лет назад

Nope, not yet, but I'll keep your request in mind and do my best to publish one soon :)

@BergmitetheBlueandPointy0712 2 года назад

All it remains is killer haunted animaltronics.

@OneMinuteEconomics 2 года назад

@captainyt1177 3 месяца назад

The inventer of game theory had schizophrenia and his life was illustrated in beautiful mind

@stickman2099 5 месяцев назад

you used vyond software

@serololmez 2 месяца назад

About MatPat!

@beefheart1410 7 лет назад

What I don't understand about Game Theory is why it is considered an application of mathematics?!? From this definition given here (which is congruent with how I had presumed the theory was applied) it appears to have more akin to philosophy and / or psychology than it does math!

@OneMinuteEconomics 7 лет назад

I'd say there are two dimensions: the fundamental one and the technical one. Fundamentally/qualitatively speaking, I do agree with you that game theory seems more in the realm of psychology than math. Technically/quantitatively speaking however, math enables you to create models, formulas and so on. For example, you might want to find out how big of a price decrease a newly released Product 2 should come at to convince consumers to abandon Product 1, which they've used for years. That's when the math dimension comes in. You could limit yourself to just making a qualitative observation such as "People have developed the habit of using Product 1, so it would take something disruptive such as innovation or a significant price decrease to get them to switch" but math help you be more specific by answering questions such as "how big of a discount?" :)

@tweetie204 7 лет назад

One Minute Economics t

@ryanarmstrong4015 2 года назад

This is the exact same art style for HEB training videos

@obviouscommentguy1234 3 года назад

So what's game theory?

@oosmanbeekawoo 2 года назад

Bon, many people are leaving bad comments. As far as I know, I understand he didn't explain the _techniques_ behind Game Theory but no matter how deep you learn GTheory that's just that.. predicting what people will do given circumstances. Were you expecting something else??

@OneMinuteEconomics 2 года назад

Appreciate the comment and, indeed, I have an entire playlist dedicated to various game theory-related topics: ru-vid.com/group/PLhICud5IUwVhtKugvPZBVrVKFemeyWag4

@squwooshk 6 лет назад

I thought this was the matpat game theory

@Nat-pc5vm 4 года назад

But hey thats just a theory A GAAAME THEORY

@FF9F00 2 месяца назад

Thanks for watching 😢

@LoveGuruBlaire 4 года назад

This is what’s going on now with the cvirus and nwo - battle between light and dark

@jiegerroyo4238 Год назад

Can I integrate game theory on my study on disaster management?

@OneMinuteEconomics Год назад

What did you have in mind with respect to said study?

@AppleOceanus 7 месяцев назад

This content is a gem. The book will be the crown jewel for enthusiasts. "Game Theory and the Pursuit of Algorithmic Fairness" by Jack Frostwell

@SportGuyDMV 11 месяцев назад

I believe that "game theory" doesn't mean much if that's all it is. It's going to deep for simple reasoning imo. What I took away from it is there are strategies in games, business, and even war/combat/fighting. You have to take into account what the opposing position is doing. The outcome can have varied results depending on many factors. But that's just stating the obvious

@AdamService 2 года назад

turns out matt didnt get that hundo yet

@OneMinuteEconomics 2 года назад

@mrkishor8481 5 лет назад

Good explanation.

@ohi_jaggi7752 4 года назад

I got an intro for my presentation 👌

@OneMinuteEconomics 4 года назад

Hope you'll do well Jagdeep, good luck! :)

@FinallyLearn Год назад

good information!

@OneMinuteEconomics Год назад

Thanks a lot :)

@memedecky 5 лет назад

i literally googled "when was the last good game theory video?" and this came up

@abdullahal-shimri3091 2 года назад

Some guy got a Nobel prize for this

@OneMinuteEconomics 2 года назад

Plural, not singular, as in not just one guy :D

@Bill0102 2 месяца назад

I'm amazed by the quality of this. I had the privilege of reading something similar, and it was a true revelation. "Game Theory and the Pursuit of Algorithmic Fairness" by Jack Frostwell

@hawkintelligence 4 года назад

"...Get his A hundred..." yepp. NEXT!~!!!

@jovana.villamor2743 Год назад

This vedio is help me to understnd the game theory

@OneMinuteEconomics Год назад

Happy to hear that :)

@angelusvastator1297 3 года назад

Wait there's no FNAF reference? Reported.

@DorohnL 7 месяцев назад

So what happens to game theory when you have a group of irrational?

@OneMinuteEconomics 7 месяцев назад

Your social media feed is full of answers to that question :)

@awesomeclown 2 месяца назад

It’s always been game theory I’m losing my mind

@ADAMan123 7 лет назад

Who is this narrator? I know his voice from a lot of different things.

@OneMinuteEconomics 7 лет назад

Hey Adam, shoot me a DM and I'd gladly put you in touch with him.

@sammyhill69 6 лет назад

It's Frank Grimes.

@AnthonyShuker 5 лет назад

okay so what is game theory????

@blainefiasco8225 5 лет назад

So game theory is the study of competitions?

@brine9557 4 месяца назад

Quite suspicious that the guy's name is Matt almost like mattPAT

@MC-xb5fj 4 года назад

Where in the video does it explain - at all - what "Game Theory" is?

@ASADKHAN-bo3xn 5 лет назад

WHAT IS GAME THEORY???

@BlitzZerinYT 2 месяца назад

But hey it's just a theory, A GAME THEORY!

@OneMinuteEconomics 2 месяца назад

It took me several years to have my AHA moment and get why people keep saying this when commenting on my video :)

@awesomeclown 2 месяца назад

I’m losing my mind it’s always been game theory

@elvoandro7087 8 месяцев назад

Presumed all participants are rational is the keyword

@OneMinuteEconomics 8 месяцев назад

Famous last words, heh :)

@sachagolo 5 лет назад

this has nothing to do with game theory...

@ionlypostonceayear._.5537 Год назад

yes

@saintarj4552 3 года назад

for 1 minute pretty good

@OneMinuteEconomics 3 года назад

Thank you! :)

@Kirmz 7 лет назад

So... social calculus?

@OneMinuteEconomics 7 лет назад

@andrewcleary9952 5 лет назад

No, that's psychohistory

@pepperonipizza8200 6 лет назад

Or it could call a child a dead skeleton.

@terrariaenjoyer8039 4 года назад

this was over a minute why did you lie to me, I though we had something

@OneMinuteEconomics 4 года назад

It was just this one time Kevin and I promise, it didn't mean anything!

@killer268 6 лет назад

This literally doesn't explain game theory at all.

@koolaidman519 4 года назад

oh ok so what is it

@OneMinuteEconomics 4 года назад

What is what? :D

@DrJohnPollard 4 года назад

You lost it at :46. Nice try.

@OneMinuteEconomics 4 года назад

First of all, thanks for dropping by! If possible, please elaborate :)

@yogiblak7819 4 года назад

@A Man from Wexford why do you and others like you come to people's videos and then challenge their knowledge on a subject matter, instead of asking and trying to understand from what angle they are approaching said subject matter. Also, your "if you understood...you wouldn't feel the need"... How can you tells someone what/how to feel and then tell them what they don't understand.

@Biskawow 4 года назад

how is it a theory?

@oosmanbeekawoo 2 года назад

Under the assumption people behave rationally it _predicts_ what they are going to do. A theory is an explanation of facts that has predictive power

@zakabamzam 5 лет назад

The video is longer than a minute and doesn't explain Game Theory. Aside from that though, well done.

@johnngelu5217 5 лет назад

I thought it was about matpat

@shivanshgarewal2833 Год назад

In the last part only people who are airhead will be able to win against Game theorists

@johncloois3301 4 года назад

Couldn't the 15 seconds been edited out? Or am I missing the joke? 🙃

@OneMinuteEconomics 4 года назад

@loneventhorizon 3 года назад

1:09 I think Hawking's " The grand design " would have something to say about that.

@OneMinuteEconomics 3 года назад

@j.d.4697 3 года назад

So..... it's a video that gives a few examples on what Game Theory is not?

@OneMinuteEconomics 3 года назад

Would recommend checking out the following playlist when you get a chance to: ru-vid.com/group/PLhICud5IUwVhtKugvPZBVrVKFemeyWag4

@ReubenAStern 3 года назад

Major problem with your short description... Game theory does not use the word rational in the same way as the general public.

@natemullikin6248 5 лет назад

Not an explanation of game theory.

@masterofalltrades999 4 года назад

Wut?

@OneMinuteEconomics 4 года назад

Hai

@CharmCityAdam 9 месяцев назад

GT assumes everyone is rational? Completely useless then.

@avurra 6 лет назад

So... No one is going to point out this was made in GoAnimate?

@Lai2Khuhly 3 месяца назад

For me, most of the chinese flagships are not worth more than Rs. 55,000... However, these companies are playing the game theory (called the nash equilabrium) that the indian customers do not have any option but to buy them at a hefty price for chinese branded flagship phones... This can be solved by other multinational companies from the Indian subcontinent and asean countries, but as we all know, these countries don't have the technical knowhow or capital formation for such a huge scale industry.... So, mind you, esp. utubers, we don't appreciate your efforts for justifying their pricing when they are prices higher as compared to china...

@OneMinuteEconomics 3 месяца назад

I actually have an animation about the Nash Equilibrium: ru-vid.com/video/%D0%B2%D0%B8%D0%B4%D0%B5%D0%BE-MSxgzaeKCJ0.html

@kienwenchang7108 2 года назад

network oligopoly collusion

@Nat-pc5vm 4 года назад

Matt pat or nah

@winstong7438 3 года назад

Cool

@OneMinuteEconomics 3 года назад

Glad you like it Winston :)

@user-ws1pc6pz4l 2 года назад

فديو رائع

@emiliacaseiro3322 4 года назад

Emily

@terrasentheterrarian4084 3 года назад

But hey that's just a theory, a game theory

@OneMinuteEconomics 3 года назад

Made me chuckle :)

@rebirthsalvation5452 Год назад

I thought this was about Mattpat ftom Game theory Almost made a unwarranted comment there Sorry!

@zawsrdtygbhjimokpl6998 5 лет назад

how do you run 27 meters per second? You'd have to more than double the world speed record

@alsacetion4091 4 года назад

Its just an example

@TrueStarNorth 5 лет назад

Pretty Bad Explanation

@spectre4165 7 лет назад

Why are you against mat pat? You are basically as far as him then in this vid, also ITS JUST A THEORY!

@OneMinuteEconomics 7 лет назад

Yep, I agree 100% that game theory should be treated as just that, game *theory* rather than the Holy Grail of economics :)

@spectre4165 7 лет назад

lol why is he fat in the vid then?

@OneMinuteEconomics 7 лет назад

Just a coincidence, you have my word :)

@spectre4165 7 лет назад

Lol ok.

@scarfacecapital. Год назад

@alvin5517 5 лет назад

I really dont know that but thats a theory a game ttheeoorryy

@wursteh5728 5 лет назад

Running a mile in under 7 minutes is easy lol

@jaym.3145 5 лет назад

This has to be one of the most horrible voices and explanations I have seen ever on RU-vid.

@lxmng 5 лет назад

Useless

@Strelnikov10 5 лет назад

Sarah is cute....

@talhaboz9719 4 года назад

literally nothing. even less than nothing bcs it also wastes your time that could be filled with something.

@actiontraderseby982 3 года назад

Your voice gave me a headache..yowzaz....

@OneMinuteEconomics 3 года назад

Sorry 'bout that. My back pain gave me a headache yesterday, so I guess we're even :)

@davidchristian8473 3 года назад

Nice not nice video, I dislike it to motivate you to do better next time.

@OneMinuteEconomics 3 года назад

Will do my best, heh :)

@johnguy101 3 года назад

Q sent me

@OneMinuteEconomics 3 года назад

Welcome aboard :)

@TJonLongIsland 4 года назад

That explanation sucked.

@OneMinuteEconomics 4 года назад

Sorry you feel that way Thomas, feel free to share some feedback if you'd like to and I'll do my best to address those topics and/or keep your tips in mind for future vids :)

@arnoldmanzano5064 3 года назад

Not helpful at all. Smh

@OneMinuteEconomics 3 года назад

Sorry to hear that Arnold, hopefully you'll check out some of my other vids and some of them will make up for it :)

@ivan200804 3 года назад

Click bait. Your video is 1.27 minutes.

@OneMinuteEconomics 3 года назад

Expooooooosed :( On a serious note, it's all good format-wise as far as I'm concerned if you start by saying "one minute" when reading the length out loud, so anything from 60 seconds (one minute) to 119 seconds (one minute and fifty-nine seconds)