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Tag: game theory

Navigating Decision-Making: Understanding the Prisoner’s Dilemma

Post author By Patrick
Post date June 15, 2023
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Introduction In the realm of decision-making, the mental model known as the “Prisoner’s Dilemma” holds significant relevance. The Prisoner’s Dilemma represents a scenario where individuals or groups face a choice between cooperation and betrayal, and the outcomes depend on the decisions made by all parties involved. This blog post aims to provide a comprehensive exploration […]

Tags Business strategy, Cognitive Biases, Collaboration, communication, cooperation, Decision-Making, game theory, incentives, long-term thinking., mental models, personal development, Prisoner's Dilemma, Public Policy, Social Interactions, social psychology, trust

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The Nash Equilibrium Mental Model: Unraveling the Fallacy of Rationality in Decision-Making

Post author By Patrick
Post date June 7, 2023
No Comments on The Nash Equilibrium Mental Model: Unraveling the Fallacy of Rationality in Decision-Making

Introduction In the realm of decision-making, the Nash Equilibrium mental model plays a significant role. Coined after the brilliant mathematician John Nash, this concept seeks to explain a common phenomenon: individuals or groups, driven by self-interest, often make choices that are contrary to what may seem rational at first glance. Nash Equilibrium is not only […]

Tags awareness, biases, Business Scenarios, Cognitive Biases, confirmation bias, Decision-Making, decision-making processes, examples, game theory, Human Psychology, Loss Aversion, mental models, Nash Equilibrium, Objective Decision-Making, Personal Life Decisions, Public Policy Making, rationality, social conformity, strategies