Quantcast Using Game Theory On Your Kids
Search by tag or site Login to my blog ? Start my own blog














TheMoneyBlogs
Home
About
Create your own blog
Contact us
Vote for this blog!

Financial Rounds

The finance classroom meets the outside world (and vice-versa). Back away slowly from the computer with your hands up and your mind open, and with luck nobody gets hurt.

Using Game Theory On Your Kids

Posted on 01/02/2007 06:26 AM | Link | Post Comment
At bedtime, the Unknown Kids get a story read to them and it seems like they always want different stories/ And I'm only going to read one. We've tried a number of methods for choosing which story to read. Invariably, one child ends up happy and the other doesn't.

So this time, I thought I'd try a little game theory (hey, I studied a lot of this stuff in grad school, and I should get some use out of it). So, here's what we did tonight:
  • I explained that we'd go three "rounds", and if they couldn't agree on a book, no one would get a story.
  • First, we flip a coin to determine who'd go first. Unknown Daughter (age 6) won.
  • For the first round, Unknown daughter chose a book. Then Unknown Son (age 8) got to either accept the book or reject it. If he rejected it, he then got to choose one of his own. At this point, Unknown Daughter would get to accept or reject his choice. If she rejected, round one would be over.
  • At this point, the choice went back to Unknown Daughter for round two, and she got to choose. And then Unknown Son, and so on.
  • The key is that if three rounds went by and a book hadn't been agreed upon, no one got a story.
My goal was to see if they'd realize that if they choose a book that the other party had no interest in, they could end screwing themselves and getting NO story.

Here's how it played out: In round one, Unknown Daughter choose an American Girl book that Unknown Son had no interest in. Then, for his turn he choose a Sponge Bob book that she had no interest in.

At this point, she said "that's no fair - all you're going to do is choose Sponge Bob books, and I don't like them." Then I took her aside and told her that she could reject his choice if she didn't want it (that's exactly what she did).

At this point, I explained once again that if they both kept saying no, after three rounds, there would be NO story. So, if they used their turns to only chose stories that THEY wanted and that their sibling didn't, their sibling could easily decide that NO story was just as good as a story that they didn't like, and they could end up with NO story at all.

At this point, Unknown Daughter took Unknown Son out into the hallway, and some frantic whispering ensued. About 20 seconds later, they told me that they'd chosen a Disney Story book.

So this episode could show that there's actual benefit to this stuff.

Or, it could just illustrate why children of academics turn out so different from their peers.
Stock Quote or
Examples
Morpheus Trading - Tue Sep 02, 2008 05:21AM
NOTE: Please click on the charts below to enlarge them [read more]
Morpheus Trading - Thu Sep 04, 2008 04:34AM
NOTE: Please click on the charts below to enlarge them if [read more]
Morpheus Trading - Fri Sep 05, 2008 06:58AM
NOTE: Please click on the charts below to enlarge them if [read more]

PREMIER SPONSORED LINKS

Most Visited Blogs | Most Popular Blogs | Most Recent Blogs | Contact Us | Terms and conditions | Privacy Policy

The columns, articles, message board posts and any other features provided on TheMoneyBlogs.com are provided for personal finance, education and investment information and are not to be construed as investment advice. Under no circumstances does the information in this content represent a recommendation to buy, sell or hold any security. The views and opinions expressed in an article or column are the author's own and not necessarily those of TheMoneyBlogs.com and there is no implied endorsement by TheMoneyBlogs.com of any advice or trading strategy. The analysts and employees or affiliates of TheMoneyBlogs.com may hold positions in the stocks or industries discussed here. Your use of this and all information contained on TheMoneyBlogs.com is governed by the Terms and Conditions of Use. Please click the link to view those terms. Follow this link to read our Editorial Policy.

Copyright © 2008 The Connors Group, Inc.