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Oxford Economics and Management (E&M) Students and Applicants

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Reply 1060
Avatar for ~Ollie~
~Ollie~
8
bennycy
I have just heard that game theory is very important in the interview..

But I haven't studied economics and so reading through the pages on wikipedia seems to be a nightmare..

The only clues I have so far is only :
game theory means to make the best choice.

But how should I make that best choice? Does it simply mean to choose the "least harmful" one just like the prisoners' dilemma?

Hope somebody could give me a helping hand.. Much obliged!!

Yeah pretty much that ie rather than act directly in your own self interest consider what would happen if everyone did this, and act in the way that has the best end result for everyone.

For example pollution; it may be the easiest option to change nothing but if everyone does that then it will have extremely negative consequences for everyone too. Also acting kindly could be considered game theory: it may be easier to be selfish but if you treat others well then they may reciprocate in the future, and if everyone was foul to everyone else then existence would be horrible for everyone.

Basically acting in your own self interest can sometimes lead to a worse result for yourself. Hope this clarified it a bit
but surely when one could argue that acting in one's self interest can never lead to a worse result for yourself?
Reply 1062
Avatar for amar09
amar09
JohnKennedy
but surely when one could argue that acting in one's self interest can never lead to a worse result for yourself?

:ditto:

Surely the definition of acting in one's self interest, is doing what will lead to the best possible result for yourself.
Firstly we really shouldn't be discussing explicit interview questions here. Having said that, the tutors do realise that these concepts will be new to you unless you have read some relevant texts (even after which your knowledge will be limited).

What they are likely to do is give you a situation and will ask you to think outside the box - this implicitly will use some usual game theory examples :smile:

Don't try to think that what they are asking you is game theory. Answer/think in a logical fashion and if you recognise it, then go you :smile:
Hi,
I've applied for E&M at Oxford this year, but I had a question about the interview. I'm sorry if this has already been answered in the middle of the 54 pages but I only had the patience to read the last 5! My personal statement is completely about economics (as that is what I'm applying for at other unis) and I don't know an awful lot about management. I really like the sound of the E&M course as it gives a much broader outlook and puts some of theory from economics into context, but having had no experience with the management side of things I was wondering how much of the interview is about management, the type of things they could ask you and perhaps if there is anything anyone could recommend for me to read in preparation? Also will it really matter that my PS is about economics and that all my knowledge is purely about economics? Sorry that this is so long :smile: Thanks
Which college have you applied to?
Reply 1066
Avatar for ~Ollie~
~Ollie~
8
JohnKennedy
but surely when one could argue that acting in one's self interest can never lead to a worse result for yourself?

But the point is acting in what would immediately seem to be your own self interest, while everyone else does the same thing, eventually results in you being worse off, as well as everyone else. So yes, ultimately you are acting in your own self interest, but only when you take into account the actions of other people if you get what I mean
It's the situation where individual rational choices result in an irrational group choice.

For example, it may be rational for a single nation to ignore climate change - no single nation can make that much difference (accept this premise for the sake of argument), but if all nations make this choice, it becomes irrational - the world gets buggered.

I'm too tired to make a proper coherent point, so you'll have to do with this one :biggrin:
sugar_cane
Which college have you applied to?

Exeter
Reply 1069
Avatar for boyvn91
boyvn91
I am applying for E&M at Oxford this year, thus, I have to take a TSA test.
I am finding some books to revise for TSA
Can anybody recommend me some?
Some critical thinking AS level books would be ideal methinks
http://www.thestudentroom.co.uk/showthread.php?t=358735
You should find answers in there.
boyvn91
I am applying for E&M at Oxford this year, thus, I have to take a TSA test.
I am finding some books to revise for TSA
Can anybody recommend me some?


I'm in the same position as you and I've bought a book called Thinking Skills by John Butterworth and Geoff Thwaites from Amazon; I'd definitely recommend it.
Reply 1073
Avatar for Mizha
Mizha
Heyy!! I have my interview next week!! Pretty nervous!! Any idea on the type of questions they may ask?? Any past interview attendants here??
We're not allowed to discuss previous interview questions and you may want to have a look through this thread :smile:

http://www.thestudentroom.co.uk/showthread.php?t=358735
sugar_cane
We're not allowed to discuss previous interview questions and you may want to have a look through this thread :smile:

http://www.thestudentroom.co.uk/showthread.php?t=358735


Why aren't we allowed to discuss previous interview questions? Is it a TSR rule or an Oxford one?
potterotter
Why aren't we allowed to discuss previous interview questions? Is it a TSR rule or an Oxford one?

Both I think.

We're not allowed to explicitly tell you what we were interviewed on.
sugar_cane
Both I think.

We're not allowed to explicitly tell you what we were interviewed on.


:frown: that sucks..

well, what topics did they ask you in your interview? (not too explicitly of course!)
and how did you/should we prepare?

thanks : )
potterotter
:frown: that sucks..

well, what topics did they ask you in your interview? (not too explicitly of course!)
and how did you/should we prepare?

thanks : )

Broadly speaking: game theory, trade permits, cost benefit analysis... I can't remember too much to be honest :p:

Be clued up on what's going on in the world, usual things like read the Economist (which doesn't always come up, but still handy), make sure you've read the books you said you would thoroughly :yes:
sugar_cane
Broadly speaking: game theory, trade permits, cost benefit analysis... I can't remember too much to be honest :p:

Be clued up on what's going on in the world, usual things like read the Economist (which doesn't always come up, but still handy), make sure you've read the books you said you would thoroughly :yes:


what books do u recommend for management
atm i am reading the "Human Equation" by Pfeffer, it is good but maybe a bit contreversal in its ideaologies. What do you recommend for managment preparation.

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