Game Theory: Cracking the Code of College Decisions

Apurba Dey
25ECOA04
Department of Economics
Kristu Jayanti (Deemed to be University), Bengaluru

Walking around campus, it is a common sight to see groups of friends struggling to decide which restaurant to choose or which movie to watch. What may appear as simple indecision is, in fact, a fascinating topic in the field of economics known as Game Theory. This field studies how we make choices, which, in turn, are influenced by the actions of others. By understanding these patterns, we can improve our daily college decisions.

What is Game Theory?
Game Theory is the study of strategy and choice. In each scenario, a person or “player” attempts to achieve the best outcome by predicting what other players might do. In other words, it is about looking ahead and making wiser choices while considering that all players’ decisions play a role.

Example:
Consider four friends going through a menu to choose between Pizza, Sushi, or Burgers. Each has a favorite, and without compromise, conflicts over dishes can get intense.

Explaining through Game Theory:
Nash Equilibrium: Players settle on an option where no participant wishes or can improve their outcome by changing their choice.
Example: Everyone agrees on a second-favorite option to maintain peace and reduce conflict.
Dominant Strategy: A choice that is the best regardless of what others choose.
Example: Picking a café that is closest to their current location.
Non-Zero-Sum Scenario: A situation where all players can arrive at a favorable outcome through compromise.
Example: Friends buy from different restaurants so that everyone gets a dish they like.

Applying Game Theory in Real Life:

  • Rotate decision-making to promote fairness.
  • Use instant polls in groups to speed up decisions.
  • Observe friends’ choices to predict likely outcomes.
  • Make decisions that reduce stress and increase happiness for everyone.

Game Theory is not a remote concept. It is present in schools, social circles, and everyday decisions. By thinking strategically, we can improve group decisions and anticipate how situations might unfold. Learning these “little economic games” also builds a foundation for better decision-making as we grow into adulthood.

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