The video below, created by the YouTube channel Shmoop, displays real-world examples and a deeper dive into how Game Theory can be used in different fields such as politics, business, philosophy, and biology. The video demonstrates a common yet simple idea of Game Theory. The example that is primarily spoken about consists of two competing stores selling tongue depressors. Within this example, four outcomes with pricing the tongue depressors are discussed:

Pricing Option 1: Both stores increase their prices to the same. This will result in what the creator referred to as a "wash," where it will be a toss-up as to where customers will decide to purchase their tongue decompressors. 

Pricing Option 2: Store B decides to lower its prices while store A keeps the prices the same. This will result in Store B gaining more market share.

Pricing Option 3: Store A decreases its prices, while Store B keeps its prices as is. Customers will be more inclined to purchase products from Store A.

Pricing Option 4: Both Stores decide to lower their prices. This results in another toss-up about what customers will decide when purchasing their tongue depressors.

The next module will discuss how Game Theory is implemented in the business world. Click below to take you to the next page: