An Introduction to Von Neumann and Morgenstern’s Theory of Games

How are economic behavior and games of strategy connected? A video summary of Theory of Games by Von Neumann and Morgenstern discusses the concept of game theory. The installment of a larger playlist covering the world's greatest ideas specifically focuses on the concept of Nash equilibrium and explains it using illustrations.

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CCSS: Adaptable
Instructional Ideas

  • Play a game that puts the theory of Von Neumann and Morgenstern to a test
  • Role play a scenario that demonstrates a discussion based on the game theory from the video
Classroom Considerations

  • Requires some familiarity with the definition of game theory and how it relates to economics
Pros

  • Provides specific examples to help make the concept of game theory more accessible to viewers
  • Contains clear, well-paced narration to make the video easy to follow
Cons

  • Offers a very limited overview of a highly complex text