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

Iacopo Grassi () and Gaetano Polichetti ()
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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)

Economics Bulletin, 2024, vol. 44, issue 1, 273 - 279

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.

Keywords: Game Theory; strategy; equilibria; backward induction; Prisoner's Dilemma; Masterchef (search for similar items in EconPapers)
JEL-codes: A2 C7 (search for similar items in EconPapers)
Date: 2024-03-30
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