What Is Game Theory?

August 9, 2026

Game theory is a set of mathematical techniques for thinking about how people should choose when their choices interact. But real people aren’t exactly rational actors. Can a mathematical model explain real-world decisions? How can game theorists account for the fact that we don’t always know each other… or ourselves? Josh and Ray play no games with economist Jonathan Levin, President of Stanford University.

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Man in suit smiling in front of Stanford University architecture
Jonathan Levin, 13th President of Stanford University

Related Resources

  • Levin, Jonathan (1997). “An optimal auction for compliments.” Games and Economic Behavior 18(2): 176–192.
  • Bulow, Jeremy, Jonathan Levin, and Paul Milgrom (2017). “Winning Play in Spectrum Auctions.” In Handbook of Spectrum Auction Design, Martin Bilcher and Jacob Goeree (eds.)
  • Kremer, Michael, Jonathan Levin, and Christopher M. Snyder (2022). “Designing Advance Market Commitments for New Vaccines.” Management Science 68(7): 4755–5555. 

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