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Iacopo Grassi and Gaetano Polichetti
''Cooking up Game Theory: A Practical Application in a Multi-Stage Cooking Competition''
( 2024, Vol. 44 No.1 )
Game Theory is a widely studied and fascinating subject in the field of economics, with applications in microeconomics, macroeconomics, and various other areas. However, in both undergraduate and advanced courses, Game Theory is often presented using classic scenarios. We propose exploring alternative examples to engage students and illustrate the practical applications of Game Theory. In this paper, we analyze a practical application of Game Theory in a multi-stage cooking competition, as presented by a contestant on a popular Italian cooking show (MasterChef Italia). Through this example, we demonstrate the relevance and utility of Game Theory in various decision-making contexts.
Keywords: Game Theory, strategy, equilibria, backward induction, Prisoner's Dilemma, Masterchef
JEL: A2 - Economics Education and Teaching of Economics: General
C7 - Game Theory and Bargaining Theory
Manuscript Received : Jun 24 2023 Manuscript Accepted : Mar 30 2024

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