The Oracle of Delphi was an important religious, economic, and political institution , serving the wealthy and powerful throughout ancient Greece (particularly the 6th – 4th centuries BCE). Prof. Colleen Haight, an associate professor of economics at San Jose State University, uses economic analysis to explain its vital function in a territory that was composed of a number of equally-balanced city-states. In the process, we discover a new game theoretic equilibrium and discuss a number of other applications from ancient Israel to contemporary Turtle Bay.
Our conversation begins with a general discussion of what oracles are and what, in particular, was the Oracle of Delphi. Situated outside the powerful city-states of Athens, Corinth, Sparta, and Thebes, the city of Delphi and its volcanic fumaroles grew in reputation beginning in the 8th century BCE and picking up popularity during the 6th century BCE as a place where the political and economic elite would gather to have virgin priestesses (often intoxicated by sulfuric fumes) make pronouncements to important questions surrounding war and trade. The pronouncements would generally take place once a month, but the elite would often gather beforehand and trade stories with one another. This information would be gathered by important religious officials as a means of determining how to answer the questions and pleas put before the oracle. Delphi also became the site of numerous artistic and athletic festivals that also drew many people from the surrounding areas and provided a neutral territory on which to trade and compete.
Read Full Article »