25 min
The ultimatum game The Leader's Quarry by Stonecutters Leadership
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- Business
Game theory is a very popular theory in economics that in part seeks to understand the effect of events based on not only personal actions but also the actions of others. John Nash is credited with beginning the use and popularization of game theory, The ultimatum game is an economic game in which two parties become involved in a transaction - the transaction is a one off transaction. The parties are only brought together one time - party a is offered a sum of money - say $100,000.00. Party A decides how the money will be split between A and B, the catch is that party B gets to decide. If party B accepts the offer then the transaction is completed if party B declines then neither gets any money. From an economically rational perspective as long as party B gains - even if it is a single dollar it is a good deal for both parties. How often do you think Party B would agree to a single dollar?
This podcast is about developing empathy, learning how to negotiate based on interests and not power and how the Ultimatum game demonstrates that. This podcast was inspired by a series of lectures by Professor Seth Freeman available on Amazon
Reach out to us via panning@sharpstonegroup.com
Randy Haas https://www.linkedin.com/in/rghaas/
Jason Leger https://www.linkedin.com/in/jason-leger-9a6868a/
presented by the www.sharpstonegroup.com
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Support this podcast: https://podcasters.spotify.com/pod/show/leadersquarry/support
Game theory is a very popular theory in economics that in part seeks to understand the effect of events based on not only personal actions but also the actions of others. John Nash is credited with beginning the use and popularization of game theory, The ultimatum game is an economic game in which two parties become involved in a transaction - the transaction is a one off transaction. The parties are only brought together one time - party a is offered a sum of money - say $100,000.00. Party A decides how the money will be split between A and B, the catch is that party B gets to decide. If party B accepts the offer then the transaction is completed if party B declines then neither gets any money. From an economically rational perspective as long as party B gains - even if it is a single dollar it is a good deal for both parties. How often do you think Party B would agree to a single dollar?
This podcast is about developing empathy, learning how to negotiate based on interests and not power and how the Ultimatum game demonstrates that. This podcast was inspired by a series of lectures by Professor Seth Freeman available on Amazon
Reach out to us via panning@sharpstonegroup.com
Randy Haas https://www.linkedin.com/in/rghaas/
Jason Leger https://www.linkedin.com/in/jason-leger-9a6868a/
presented by the www.sharpstonegroup.com
---
Support this podcast: https://podcasters.spotify.com/pod/show/leadersquarry/support
25 min
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