The biggest fault of Game theory is that it is biased towards instant utility and short-term rewards. It does not model for scenarios where reduced short-term rewards can lead to greater gains in the long-term.
In short, decisions made for singular benefit typically have worse long-term results than decisions accounting for collective benefit.
Depends? Morality like “don’t steal” is partially a consequence of game theory. Game theory is math.
Is math a social construct - obviously not completely.
The biggest fault of Game theory is that it is biased towards instant utility and short-term rewards. It does not model for scenarios where reduced short-term rewards can lead to greater gains in the long-term.
In short, decisions made for singular benefit typically have worse long-term results than decisions accounting for collective benefit.
Game theory does model for that. For example an iterated prisoner’s dilemma.
That’s a failure of that specific model. It just needs more creative mathematicians/theorists