NewsFlash: Game Theory is Useless

Monday, May 29, 2006
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Why is this a surprise?

“Can you think of any examples of real, live companies that have consciously applied game-theoretical concepts to a real business problem?”

The response was . . . a deafening chorus of head scratching.

“The short answer is, I don’t know,” said David Levine of UCLA. “Let me think about this,” replied MIT’s Muhamet Yildiz.

The pretentious types that throw game theory in our faces are nothing more than self-inflated academics or wannabees who immerse themselves in game theory for the same reasons that our youngsters play house and wear mommy’s make-up and/or daddy’s tie. It’s preposterous drivel to purport any purpose whatsoever for such a senseless “science.” It’s repugnant that anyone in the profession has granted credence to this “branch of economics.” But the young ones, especially, flaunt it – because to say that you are into “game theory” is akin to wearing an academic-intellectual banner.

It’s all puff.

On that note, Billy Beck has said the most decent and relevant words ever in regards to these idiots. I think every econ grad student should hang this blog post on his or her dorm wall, and stare at it nightly.

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