Useful Game Theory: Fundamentals of Decision Making

Useful Game Theoryoffers a refreshing perspective on modern wisdom, empowering readers to master strategic decision-making with the tools they already possess.

Every decision you make involves an element of game theory, often without you even realizing it. In this insightful book, economist Jay Prag and marketing strategist Amanda Ishak Prag delve into the essence of human nature, transforming the mathematical principles of game theory into practical, everyday strategies. Through familiar proverbs and timeless wisdom, readers will explore how elements like reputation, biases, cooperation, and family dynamics influence our strategic interactions.

From navigating a four-way stop and choosing take-out dinners to understanding the complexities of nuclear disarmament, Useful Game Theory demonstrates how recognizing the structure of games--players, choices, and outcomes--can enhance decision-making in all aspects of life.

Jay Prag is Clinical Professor of Economics and Finance at the Masatoshi Ito and Peter F. Drucker School of Management, where he has taught economics, finance, and strategy since 1986. He previously taught at Harvey Mudd College, Claremont McKenna College, and Pomona College and is a consultant to public industries and start-ups on market viability. Jay holds a PhD in Economics from the University of Rochester. He is the coauthor of Financial Management for Executives, Macroeconomic Essentials, Microeconomic Essentials, and Covid-U.

Amanda Ishak Prag is Director of Marketing for one of the largest architecture and engineering conglomerates in the nation. A manager for more than 20 years, she has helped firms streamline internal and external communications and develop structures for organizational growth. Her research focuses on M&A integration and mass communications strategies. Amanda holds a PhD in Management from the University of California, Riverside, an MBA in Strategy from Claremont Graduate University, and Bachelors of Arts in Economics and Public Relations from the University of Southern California. She is coauthor of Covid-U and additional empirical works.