Forecast

Throughout my year in ISM, I have researched different aspects of economics. From environmental economics to political economics, I have grown my passion for seeing how individuals make policies and decisions to benefit others or society. In school, I learned about my favorite theory of economics: game theory. It may be the clever aspect of using games to analyze players’ behaviors, or the fun nature of the games, but game theory piques my interest.

Thus, for my final product, I am to incorporate game theory into a personal dice game called Target 25. In target 25, individuals can choose whether to choose one or two dice to roll to reach 25 points. If an individual exceeds 25 points, they will lose all of their points. Once an individual loses their points, they receive a penalty, which lowers the players’ overall score. Through Target 25, I will be able to personally analyze the data and see if I can predict players’ actions and thought processes. What especially makes me excited is that this game will equally incorporate mathematics and decision-making, which is essentially the foundation of economics.

In my dice game, I predict that I will run across different limitations. Perhaps the realism of the game will not exactly match individuals’ decisions in real life, or my sample may not be representative of the population; however, I will try my best to design an accurate experiment and result in fruitful findings.