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PODCAST

Game Changer - the game theory podcast

In Game Changer, the podcast by TWS Partners, we want to share our enthusiasm and passion for game theory and its applications. We invite guests from business and academia to discuss how they use the power of game theory in their profession to make a difference – and to learn some fun anecdotes, useful facts and valuable insights along the way. Join us on this journey, and find out that game theory is much more than a topic for ivory tower discussions.

business social sciences

All Episodes

26:45

Optimising for Trouble – Game Theory and AI Safety |...

Game Changer - the game theory podcast ·

2026/02/17

What happens when an AI system faithfully follows a flawed goal? In this episode, we explore how even well-designed algorithms can produce dangerous outcomes — from amplifying hate speech to mismanaging infrastructure — simply by optimising a reward function which, like all reward functions, fails to encode all that matters. We discuss the hidden risks of reinforcement learning, why over-optimisation can backfire, and how game theory helps us rethink what it means for AI to act "rationally" in

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26:07

Political Polarisation – A Game-Theoretic Perspective...

Game Changer - the game theory podcast ·

2026/02/03

In this episode, we discuss how game theory sheds light on modern electoral competition. Our guest, Adam Meirowitz, introduces the classical model of candidate convergence and explains why real elections often depart from this prediction. We then explore the role of echo chambers and selective exposure, and why these surprisingly do not necessarily lead to greater polarisation. We also touch on how bounded rationality among voters can further impact these dynamics. Adam Meirowitz is the Damon

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26:40

Cheap talk – Game Theory's insights on communication...

Game Changer - the game theory podcast ·

2026/01/20

Talk is cheap – literally. But if words cost nothing, why do we ever trust them? In this episode, Yale Professor Navin Kartik breaks down the game theory of communication. We kick things off with the basics: what is the academic definition of "cheap talk", and why does cheap talk sometimes work but other times break down? From there, we transition to Navin's own research, which explores deeper facets of communication. We learn about lying costs and "inflated language": why does a reference letter

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30:07

How do you decide? – Decision Theory and Uncertainty...

Game Changer - the game theory podcast ·

2025/12/09

In this episode, we explore the foundations and evolution of decision theory. Our guest, Itzhak Gilboa, begins with a brief historical overview of how the field has developed over time. We naturally discuss maximising expected utility, Bayesian decision theory, and Savage's representation theorem. Itzhak then delves into critiques of the Bayesian approach, especially concerning its interpretation of what constitutes a "rational decision maker." He presents a range of alternative decision frameworks,

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25:52

Influence Pays – Game Theory for Smarter Workplace...

Game Changer - the game theory podcast ·

2025/11/25

In this episode, we explore how game theory and network effects intersect to inform optimal incentive structures in organizations. Pau Milán walks us through his recent research, co-authored with Nicolás Oviedo-Davila and Marc Claveria, which uses a novel game-theoretic model to show how the productivity of one employee can amplify the output of others in their network—and how firms can leverage this to design smarter compensation schemes. Drawing on real-world examples and his theoretical work, Pau

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28:30

Are equilibria a good predictor for real-life...

Game Changer - the game theory podcast ·

2025/11/12

In this episode we explore the most classical topic from Game Theory – equilibrium analysis. Our guest Colin Camerer shares insights on the game LUPI ('lowest unique positive integer'). We first discuss the actual mathematical equilibrium analysis and then dive into real life: results from a Swedish game show in which the game was played in a lottery format. Colin also compares the results from the game show with a study of the same game in a controlled lab environment. We finish the episode by

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26:09

The Power of Connection – A Game Theoretic View on...

Game Changer - the game theory podcast ·

2025/10/27

In this episode we explore the economic and strategic foundations of networks – from personal connections in the labor market to complex webs of international trade and conflict together with our guest Matthew Jackson. He unpacks how networks shape opportunities, inequalities, and global dynamics, and how game theory helps us understand the power and fragility of these structures. Along the way, we discuss surprising applications, including the role of tariffs in supply chains and how network

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30:53

Robbing the many to pay the one – game theory and...

Game Changer - the game theory podcast ·

2025/10/13

In this episode we are talking about corporate scandals, selfishness, and how game theory can help us understand when people give in to temptation. Carlos Alós-Ferrer explains how his “Big Robber” experiment shows that while people often act pro-socially in classical economic games, things change when individuals are given the chance to earn large sums of money at the expense of harming many others. We also discuss how insights from psychology and neuroscience enrich economics by highlighting the

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32:18

From First Offer to Final Minute: Lessons from...

Game Changer - the game theory podcast ·

2025/07/28

In this episode, we dive into the world of experimental research on unstructured bargaining, exploring how real-world negotiations unfold when stripped of rigid rules and scripts. Our guest Emin explains how opening offers shape the conversation, the unspoken dance of reputation, and the ticking clock of deadlines – showing that even in seemingly messy contexts, strategic patterns emerge. Emin Karagözoğlu is Associate Professor of Economics at Bilkent University. His work spans behavioural and

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29:18

Impact or Innocence? Game Theoretic Clues to Why We...

Game Changer - the game theory podcast ·

2025/07/14

In this episode we explore what motivates people to give, using insights from a Dutch TV game show where a live audience decides how to split €10,000 among three contestants. We discuss how real-world data from natural experiments can help answer questions about fairness, impact, and generosity - and what this means for fundraisers and policymakers. Dennie van Dolder is Senior Lecturer (Associate Professor) at the University of Essex. His research focuses on behavioural economics and empirical

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28:44

From Clicks to Chatbots: The Future of Online...

Game Changer - the game theory podcast ·

2025/06/30

In this episode we dive deep into the economics of digital markets with Dirk Bergemann. We discuss how search platforms like Google created entirely new marketplaces around user attention and private information, what makes digital markets so unique, and how auction design evolved to match the scale and complexity of internet advertising. Dirk also shares insights from his own research on how platforms collect and use user information and gives an economist’s perspective on how emerging technologies

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28:26

Strange Bedfellows: The Game Theory Behind...

Game Changer - the game theory podcast ·

2025/06/16

In this episode, we talk to David Pinsof about the surprising ways people form their beliefs and build alliances. Drawing on his survey with Cards Against Humanity, he shares how people often hold contradictory views and what this reveals about group coordination. We also dive into his game-theoretic model of coalition-building, explore how humor functions as a coordination tool, and discuss the deeper logic behind seemingly irrational behavior. David Pinsof is a behavioral scientist whose work

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22:31

Man vs. model – game theoretic insights on AI in...

Game Changer - the game theory podcast ·

2025/06/02

In this episode we are talking to Vitali Gretschko about how generative AI can be used to simulate strategic behaviour in auctions. We explore where AI tools can support auction design, where they fall short, and how practitioners should interpret simulation results. Vitali also explains why AI is best seen as a co-intelligence that needs expert guidance. Vitali Gretschko is Professor for sustainable Market Design at the University of Münster. His research focuses on auction theory, market design,

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25:36

Punishment or Pettiness? The Game Theory Behind Spite...

Game Changer - the game theory podcast ·

2025/05/19

In this episode, our guest Rory Smead shares insights on spite and what game theory can teach us about this puzzling behaviour. He explains why people sometimes punish others even at a cost to themselves, and whether this can be understood through more than just fairness. Using the ultimatum game as a central example, he discusses how spite can influence decision-making and what this reveals about both human and animal behaviour. Rory Smead is Professor of Philosophy and the Ronald L. and Linda A

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20:44

When Bonuses Backfire: Rethinking Attendance...

Game Changer - the game theory podcast ·

2025/05/05

In this episode we are talking to Timo Vogelsang about why incentives aimed at reducing absenteeism can sometimes have the opposite effect. Based on a Field Experiment in a German supermarket chain, he explains why offering bonuses for attendance backfired. We also explore how incentives can unintentionally shape beliefs and undermine motivation. Timo Vogelsang is Associate Professor of Managerial Accounting at the Frankfurt School of Finance & Management. His research focuses on behavioural

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17:09

Too Sure for Our Own Good? The Hidden Cost of...

Game Changer - the game theory podcast ·

2025/04/21

In this episode, we sit down with Philipp Strack to explore the hidden consequences of overconfidence. From distorted learning to discrimination and systemic bias, Philipp explains to us how overestimating ourselves can quietly shape our decisions, relationships, and even society — and why it’s not always a bad thing. Philipp Strack is a professor of Economics at Yale University with a secondary appointment as Professor of Computer Science. His research focus lies in decision-making and behavioral

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28:27

The marriage penalty – how the church rewired...

Game Changer - the game theory podcast ·

2025/04/07

In this episode we explore how historical kinship structures, shaped in part by decisions of the Catholic Church, may have fundamentally changed the way humans are able to cooperate on a large scale. Using game theoretic concepts like reciprocity and network structure, we uncover how bans on cousin marriages and even modern Facebook data can help explain patterns of trust and cooperation today. Jonathan Schulz is Assistant Professor in the Department of Economics at George Mason University and

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30:04

Why Climate Agreements Fail: An Innovative Solution...

Game Changer - the game theory podcast ·

2025/03/24

In this episode together with our guest Klaus M. Schmidt, we explore the economic challenges behind global climate agreements. We discuss why past agreements like the Kyoto Protocol and the Paris Agreement struggled to deliver the desired results and examine how a new negotiation design centered on a uniform CO₂ price could lead to better outcomes. Klaus also shares insights from experimental studies testing this approach in practice. Klaus M. Schmidt is an economics professor at Ludwig Maximilian

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27:58

Globalization and Protectionism – A Game Theoretic...

Game Changer - the game theory podcast ·

2025/03/10

In this episode, we explore how globalization has shaped trade and innovation—and why rising protectionism is challenging its benefits. What happens when countries impose tariffs and trade restrictions? And how can policymakers navigate the balance between open markets and domestic interests? Claudia Steinwender is a Professor of Economics at Ludwig Maximilian University of Munich. Her research focuses on international trade, innovation, and economic history, with a particular emphasis on how

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44:15

How to achieve cooperation: Learnings from fieldwork...

Game Changer - the game theory podcast ·

2025/02/24

In this episode we are speaking with Sarah Mathew about cooperation – especially how cooperation is achieved in the absence of institutions. Sarah gives some theoretical background, shares the concept of free rider problems and the relationship to punishment. She then illustrates the background based on her fieldwork: She has studied how the Turkana people achieve cooperation when going on raids with possibly even deadly consequences for individual warriors. Sarah Mathew is Associate Professor

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39 results

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