Game Theory (+Prisoner's Dilemma)

Strictly speaking, Game Theory is not a Foresight method, but it is an immensely helpful intellectual tool for decision making in complex settings.

I did write about its principles in the course book, but here are three videos which looks at it from various angles.

Attention: the first video (SciShow) says Games Theory was pioneered by John Nash. Well, it was pioneered by Nash, but invented it was by John von Neumann in 1928.

Here is short recap about the cornerstones of this fascinating theory:

Game theory is a method used to analyze strategic interactions between multiple decision-makers, often called "players," where the outcome for each player depends on the choices of all players involved. It's a mathematical framework for understanding situations of conflict and cooperation, widely applied in economics, political science, biology, and computer science. 

Core Concepts:

• Players: Individuals, groups, or entities making decisions. 

• Strategies: The set of possible actions a player can take. 

• Payoffs: The outcomes or rewards associated with each combination of strategies chosen by all players. 

• Rationality: The assumption that players aim to maximize their own payoffs. 

This is a great introduction. It also goes into some simplified math. It shows some other other approaches than the famous "Prisnor's Dilemma".

Here are some good real life examples from 8:58 min ...

This one digs deeper into John Nash's contribution...and his dispute with John von Neumann.