Introduction to Game Theory 2600-ERSM1IGT
The course Introduction to Game Theory exposes the students to recent
advances in game theory as they applied to economics and business. As
an introductory course, the mathematical knowledge expected from the
students is minimal, yet the theory is powerful in explaining many
practical behaviors by individuals, households and firms,
In the first part we will introduce Simultaneous Decision-making and
the Normal Form Game. We will use various games to compare behavior
of individuals and firms. We will learn about Nash Equilibrium, its
advantages and disadvantages. We will explore the idea of strict
dominance, and multiple Nash equilibria. We will talk about
Coordination Game, the Battle of the Sexes game, the Zero-Sum Game, etc.
Then we will move to Dynamic Interaction among individuals and firms,
the so called Extensive Form Game and the Backward Induction Solution
Mechanism. We will introduce Dynamic Models of Preemption and
Strategic Commitment and discuss other models using the tools
developed in game theory.
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