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Game theory examines how the choices of economic agents interact to produce outcomes that may not align with their intentions. The document outlines the historical and philosophical context of game theory, its basic elements, and various concepts such as utility, rationality, and equilibria. It also explores advanced topics like evolutionary game theory and the application of game theory in behavioral evidence and neuroeconomics.

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7 views2 pages

M7

Game theory examines how the choices of economic agents interact to produce outcomes that may not align with their intentions. The document outlines the historical and philosophical context of game theory, its basic elements, and various concepts such as utility, rationality, and equilibria. It also explores advanced topics like evolutionary game theory and the application of game theory in behavioral evidence and neuroeconomics.

Uploaded by

biggykhair
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
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Download as DOCX, PDF, TXT or read online on Scribd
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Game Theory

First published Sat Jan 25, 1997; substantive revision Sun Sep 3, 2023

Game theory is the study of the ways in which interacting choices of economic
agents produce outcomes with respect to the preferences (or utilities) of those
agents, where the outcomes in question might have been intended by none of the
agents. The meaning of this statement will not be clear to the non-expert until each
of the italicized words and phrases has been explained and featured in some
examples. Doing this will be the main business of this article. First, however, we
provide some historical and philosophical context in order to motivate the reader for
the technical work ahead.

1. Philosophical and Historical Motivation

2. Basic Elements and Assumptions of Game Theory

2.1 Utility

2.2 Games and Rationality

2.3 Trees and Matrices

2.4 The Prisoner’s Dilemma as an Example of Strategic-Form vs. Extensive-Form


Representation

2.5 Solution Concepts and Equilibria

2.6 Subgame Perfection

2.7 On Interpreting Payoffs: Morality and Efficiency in Games

2.8 Trembling Hands and Quantal Response Equilibria

3. Uncertainty, Risk and Sequential Equilibria

3.1 Beliefs and Subjective Probabilities

4. Repeated Games and Coordination

5. Team reasoning and conditional games

6. Commitment

7. Evolutionary Game Theory

8. Game Theory and Behavioral Evidence

8.1 Game Theory in the Laboratory


8.2 Neuroeconomics and Game Theory

8.3 Game Theoretic Models of Human Nature

9. Looking Ahead: Areas of Current Innovation

Bibliography

Academic Tools

Other Internet Resources

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