Knot Theory in Economics?
A dinner conversation led to the topic of 2005 Nobel Prize winners' interview on the BBC recently. It sounded very interesting - the topics broad and participants jocund - and I wished I had caught it!
Anyway, there was mention of Knot Theory and the Prize in Economics Sciences. Knot theory and Economics? My mind drew a blank.
An initial google search for 'Knot Theory' pointed towards Mathematics. But it's not too much of an effort to find its link to economics. The MIT News Office indicated that Knot Theory was the subject which one of the joint winners, Robert J. Aumann, an MIT alumnus, had pursued for his PhD. About a year after obtaining his doctorate in 1955, his interests turned to game theory and he applied his training to focus on formal analysis of long-term relationships in Game Theory, i.e. players factor in their opponent's past behaviours in making their own decisions to derive the best possible outcomes.
Going back to the dinner conversation, there was also the mention of Knot Theory and DNA/genetics.
I attempted to understand Knot Theory. But, it was late and I have been slacking for over a week (it's the holidays season!), so I couldn't read past the first paragraphs of many of the serious Knot Theory explanations on the web before my eyes glazed over. Thankfully, there is this very digestible website on Knot Theory developed by Bryson R. Payne [link]. It also has a section on DNA and Knot Theory today!
Now, if only I could remember what is Game Theory beyond the Prisoner's Dilemma and Nash Equilibrium... Maybe I should read my old economics books once again.
posted by Ladybug @ Monday, January 02, 2006
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