Tag: Game Theory

• Rational Fools

  

  Nobel Prize winning economist Amartya Sen, coined the term “Rational Fools” nearly 35 years ago. In his famous paper, Sen criticized the first principle of economics: “Every agent is actuated by only self-interest”. On top of this axiom of rational self-interest lie rational action and rational expectations, leading all the way up to the efficiency…

  rrameez

  December 31, 2013

  Abuse of Science, History of Science, Modeling

  Capitalism, Commons, Efficient Markets, Elinor Ostrom, Game Theory, Milton Friedman, Noam Chomsky, Paul Krugman, Rational Action, Rational Fools

• I ♥ Game Theory; Let’s all be irrational, shall we?

  

  Some nights back, my flight from Karachi to Islamabad couldn’t land due to bad weather in Islamabad and instead it had to land at Lahore airport. We waited and waited, with no official intimation of takeoff plans. Hours passed. I started feeling very hungry and so I went ahead and bought something to eat in…

  rrameez

  February 14, 2013

  Modeling, Social Science

  Cooperation, Dissident Journalists Dilemma, Game Theory, Games, Irrationality, Poor Man’s Dilemma, Prisoner’s Dilemma, Rationality, Tragedy of the Commons