GoodFacts #2: Game Theory - the science of decision making ??

Unlike its name suggests, Game Theory isn’t just about puzzles. It’s where probability meets human behaviour — the study of how and why people make decisions. It can apply to how businesses are run, the economy, and even to things like the behaviour of the US and USSR in the Cold War.?

Check out these facts:?

?? Emotions always beat logic — research shows we make choices based on feeling

?? Blood sugar affects our thinking. We need glucose to make good decisions!

?? We make better decisions in the morning. In the afternoon, we get ‘decision fatigue’

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Take a look at this experiment:

?? The smoky room experiment - why don’t people act faster in emergencies? It’s because of the psychological effect of being in a group. If a room is slowly filling with smoke, but the people around you aren’t doing anything, then the chances are, neither will you!

?? When everyone else seems calm — would you sound the alarm??

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The Monty Hall Problem ??

This is a probability puzzle based on the game show Let’s Make a Deal.?

You’re shown three doors. Behind one door is a car; behind the other two are goats. You pick door number 1, and the host shows you that behind door number 3 is a goat. They then give you the option to switch doors. Do you? Why??

Be sure to pop your answers in the comments, and we’ll reveal all in the next edition of GoodFacts in just 2 weeks' time!

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