By Hayden Schmidt – The students of Professor Yuriy Bots are working on a project that is designed to apply the complex theories of his Managerial Economics class to real life situations. The project is centered around the concept of Game Theory, trying to rationally predict what somebody will do assuming they act in their own self interest. There are many real world applications of this theory. Any time there are two or more people faced with a decision to make Game Theory is applicable.
A common situation of Game Theory is known as Prisoner’s Dilemma, where two partners in crime are faced with the choice to confess, rat out their partner, or deny for correlated amounts of time in prison. In Dr. Bots Managerial Economics class, the students are given situations and they must work together to reasonably predict what the outcome will be.