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The Price of Fish: A New Approach to Wicked Economics and Better Decisions by Ian Harris, Michael Mainelli

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3 BEYOND PRICE:TRUST AND ETHICS

When you need to make a decision, particularly when the choice involves multiple parties, how do you know whom to trust? The choices relating to trust and ethics raised in this chapter go beyond price—indeed beyond economics—and we start the chapter with a topic much loved by many mathematically inclined decision makers: game theory.

FAIR GAMES

Game theory is an interdisciplinary branch of applied mathematics that is used by economists, biologists, engineers, political scientists, computer scientists, and philosophers. It uses mathematics, for example logic or probability, to model strategic situations in which an individual’s success at decision making depends on the decisions of others. Game theory started with ...

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