Risk vs Uncertainty: What People Confuse
Risk has known probabilities; uncertainty doesn't. With risk you can calculate odds, with uncertainty you can't even assign probabilities to outcomes.
March 2026
June 2025
Origins of Decision Theory
Decision theory origins: Bernoulli introduced expected utility in 1738. Von Neumann and Morgenstern developed game theory and axioms of...
Using Decision Theory in Everyday Choices
Apply decision theory: list all options, define outcomes for each, assign probabilities to outcomes, calculate expected values, then choose...
December 2023
What Is Game Theory? Strategy, Equilibrium, and Why People
Game theory is the mathematical study of strategic interaction. From the Prisoner's Dilemma to nuclear deterrence, this explainer covers Nash equilibria, cooperation, auctions, signaling, and why the theory changed economics, biology, and political science.
What Is Behavioral Economics? How Psychology Overturned the
Behavioral economics combines psychology and economics to explain how people actually make decisions. This explainer covers prospect theory, loss aversion, nudge theory, cognitive biases, and why the rational actor model was wrong.
December 2022
What Is Game Theory? Strategy, Equilibrium, and Why People Cooperate
Game theory is the mathematical study of strategic interaction. From the Prisoner's Dilemma to nuclear deterrence, this explainer covers Nash...
November 2022
What Is Behavioral Economics? How Psychology Overturned the Rational Actor
Behavioral economics combines psychology and economics to explain how people actually make decisions.