Game Theory ~ Monopoly

My favorite board game is Monopoly. I'm really an avid fan, which explains why I have 5 different versions of the board game (my favorite was customized by my girlfriend as a Christmas gift). 

Since the game’s debut in 1935, it's remained relatively unchanged, except for the recent fan vote to remove 3 classic games pieces: the thimble, the boot, and wheelbarrow. Moreover, we also found out that Charles Darrow wasn't the exactly the original inventor of the game, it happened to be a woman named Lizzie Magie. The game was named Landlord's rent and she patented the idea in 1904[i]. In addition, there have been articles written suggesting ideas on how to enhance the gameplay to make it more financially savvy[ii]. Nevertheless, Monopoly is still revered for its simplistic parallelism to capitalistic ideals. Moreover, the game encompasses investing, the power of cash, and diversification. 

This made me think to myself, what else is Monopoly subtlety teaching adults and children alike. It teaches a simplistic version of the economic concept Game Theory. Game Theory is "the strategic interaction among rational adversaries, where each side’s action would depend on what the other side was likely to do”[iii]. Monopoly is s a game where 2 to 8 players compete to remain financially solvent while trying to force opponents into bankruptcy; however, it doesn’t have always have to be a zero-sum game as highlighted in John Nash’s famous prisoner’s dilemma.

A player best response to another player might be to cooperate by selling a property or utility in an effort to expand the pie. Ultimately, a few players may end up in a stalemate but they won’t loose and this is a more realistic model to the real business world than a singular winner. 

[i] https://www.smithsonianmag.com/arts-culture/monopoly-was-designed-teach-99-about-income-inequality-180953630/

[ii] https://www.google.com/amp/bigthink.com/capitally/re-thinking-the-game-of-monopoly.amp

[iii] https://www.forbes.com/2006/12/10/business-game-theory-tech-cx_th_games06_1212harford.html