Economist love to play Sports
How well would you think an economist would be at playing sports? Let's say we have a team of economists for 5 sports could we analyse how they would play each game.
Football, Cricket, Basketball, Car Racing and Baseball
In Economics there is a methodology to explaining strategic behaviour known as Game theory where economists analyze, moves and their respective payoffs, game theory is used to explain a myriad of different concepts and make certain decisions easier to make.
So how would economists play Football
The aim of the game is to get as many goals as possible, the team that gets the most goals wins, pretty simple however the game itself entails the many other activities on the field which are carried out by different players..I don't have to explain football. ... anyways economists would ensure that one goal is scored and the majority of time is spent defending as it is easier to spend time defending against a stronger opponent than trying to score personal goals, the reasoning behind this is the more times the team tries to score the more opportunities the opposing team has to score. ..
Cricket
This one is ironic,, why economists will refuse to play cricket. What is the payoff from spending the entire day in the sun? it's really a numbers game, the more times you hit the ball, the more you will have opportunities to make runs. If you don't, the more likely you are to get out.
Basketball
Similar to cricket it is another number games, no wonder why economists joke about basketball stars getting paid to repeat a basket. Once you have possession you normally score; the fun part is not the blocking part of the game.
Car Racing
The aim of this game is not only to be the fastest car but also the most efficient, the game is won by how fast you can make a pit stop. If you take too long or too many you will lose the race.
Baseball
Finally baseball, the game is about home runs , the uncertainty is how far you hit the ball, this is where you must attempt to hit the ball so far as to be assured a home run, this is about probabilities and the hand eye coordination making it an interesting game to play...maybe just to play, not sure about the watching part.
Economists play sports all the time, but most times in our minds
#COLLEGEECONOMIST
Football, Cricket, Basketball, Car Racing and Baseball
In Economics there is a methodology to explaining strategic behaviour known as Game theory where economists analyze, moves and their respective payoffs, game theory is used to explain a myriad of different concepts and make certain decisions easier to make.
So how would economists play Football
The aim of the game is to get as many goals as possible, the team that gets the most goals wins, pretty simple however the game itself entails the many other activities on the field which are carried out by different players..I don't have to explain football. ... anyways economists would ensure that one goal is scored and the majority of time is spent defending as it is easier to spend time defending against a stronger opponent than trying to score personal goals, the reasoning behind this is the more times the team tries to score the more opportunities the opposing team has to score. ..
Cricket
This one is ironic,, why economists will refuse to play cricket. What is the payoff from spending the entire day in the sun? it's really a numbers game, the more times you hit the ball, the more you will have opportunities to make runs. If you don't, the more likely you are to get out.
Basketball
Similar to cricket it is another number games, no wonder why economists joke about basketball stars getting paid to repeat a basket. Once you have possession you normally score; the fun part is not the blocking part of the game.
Car Racing
The aim of this game is not only to be the fastest car but also the most efficient, the game is won by how fast you can make a pit stop. If you take too long or too many you will lose the race.
Baseball
Finally baseball, the game is about home runs , the uncertainty is how far you hit the ball, this is where you must attempt to hit the ball so far as to be assured a home run, this is about probabilities and the hand eye coordination making it an interesting game to play...maybe just to play, not sure about the watching part.
Economists play sports all the time, but most times in our minds
#COLLEGEECONOMIST
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