Netflix Sensation Squid Game May Update College Economics Globally

Researchers at the Monash Business School in Australia may have come up with new ways to revolutionize the way game theory is taught at universities around the world.

Game theory is one of the most challenging concepts taught in the first year of a business and economics degree. Strategic thinking is required to predict human behavior, taking into account all players, their behavior and knowledge.

But using the Netflix drama, researchers insisted in their dissertation.Teaching game theory using squid games‘—Published in December 2021— The show presented students with the real and real-world concepts of microeconomics and game theory.

“Squid game players are a metaphor for companies, and we looked at the strategic interactions of squid games in comparison to real business,” said co-author Wayne Geerling.

“How do players, or companies, interact? There are many real-world applications in game theory, analyzing how actions affect others, and their strategic implications. increase.”

Squid Game is a Netflix dystopian Korean TV drama. The show focuses on 456 life-threatening, heavily-debt players, earning KRW 45.6 billion (US $ 38 million) in a series of six children’s games.

All players are worth ₩ 100 million (US $ 83,000) and will be killed if they lose the game. If a player is killed, that valuable money is added to the winning pots of other players, creating a zero-sum game.

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Participants will attend an event to play the game of Netflix’s blockbuster “Squid Game” at the Korean Cultural Center in Abu Dhabi on October 12, 2021. (GiuseppeCacace / AFP via Getty Images)

Players will not be notified of what the game will be like, whether they need to be paired, teamed up, or played individually.They have to make strategic decisions for all possibilities

“The concept of a jackpot where a winner of 45.6 billion won wins everything is zero sum, because the sum of the payoffs (plus and minus) of all participants is zero,” the newspaper said.

“When a player is removed from the game, they are shot dead or die as part of the game mechanics. The death of one person is a life opportunity for another person with a prize.”

Geerling states that the study identified several scenes from the show from three of the six games. He used these scenes to develop an easily adaptable educational guide for educators who want to use new methods.

Of course, there are other media that explain game theory, but squid games are a global sensation and are different from the media used in the past. The examples provided in the guide will be understood globally and will make the guide internationally accessible.

Current teaching methods used in economics usually do not involve such active learning.

“Despite the increased educational resources and the ease with which educators can integrate innovative educational practices into their curriculum, the majority of educators continue to teach using traditional lectures. “Geerling said.

However, Geerling believes that the new method will help students better understand the concept and will use his new method to teach microeconomics students from the 2022 semester at Monash Business School. I am planning.

“Many students have a hard time thinking strategically if the material is taught only in traditional ways,” Geerling said.

“Pop culture, such as squid games, can be used as an effective medium to break down learning barriers by taking advantage of everyday life and allowing students to see the relationship between abstract theory and real-world applications.” He said.

Epoch Times Australia Staff