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Cooking up Game Theory: A Practical Application in a Multi-Stage Cooking Competition

Author

Listed:
  • Iacopo Grassi

    (Department of Economics and Statistics (DISES), University of Naples Federico II)

  • Gaetano Polichetti

    (Junior Fellow at Centre for Studies in Economics and Finance (CSEF))

Abstract

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.

Suggested Citation

  • Iacopo Grassi & Gaetano Polichetti, 2024. "Cooking up Game Theory: A Practical Application in a Multi-Stage Cooking Competition," Economics Bulletin, AccessEcon, vol. 44(1), pages 273-279.
    • Handle: RePEc:ebl:ecbull:eb-23-00283
    as

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    References listed on IDEAS

    as
    1. Avinash Dixit, 2005. "Restoring Fun to Game Theory," The Journal of Economic Education, Taylor & Francis Journals, vol. 36(3), pages 205-219, July.
    2. Brian O'Roark & William Grant, 2018. "Games superheroes play: Teaching game theory with comic book favorites," The Journal of Economic Education, Taylor & Francis Journals, vol. 49(2), pages 180-193, April.
    3. Jeffrey Cleveland & Kim Holder & Brian O'Roark, 2016. "The economics of The Hunger Games," International Journal of Pluralism and Economics Education, Inderscience Enterprises Ltd, vol. 7(2), pages 152-169.
    4. William E. Becker, 2000. "Teaching Economics in the 21st Century," Journal of Economic Perspectives, American Economic Association, vol. 14(1), pages 109-119, Winter.
    Full references (including those not matched with items on IDEAS)

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    More about this item

    Keywords

    Game Theory; strategy; equilibria; backward induction; Prisoner's Dilemma; Masterchef;
    All these keywords.

    JEL classification:

    • A2 - General Economics and Teaching - - Economic Education and Teaching of Economics
    • C7 - Mathematical and Quantitative Methods - - Game Theory and Bargaining Theory

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