This is an extract from the 4-volume dictionary of economics, a reference book which aims to define the subject of economics today. 1300 subject entries in the complete work cover the broad themes of economic theory. It concentrates on the topic of game theory.
Traditional game theory requires at least two individuals. This book extends game theory to the inner workings of a single person.Using game theory to analyse single individuals makes sense if one thinks of individuals as consisting of two or more relatively autonomous partitions that might have conflicting motives. This is not to say that individuals are literally made up from multiple selves; it only suffices that we adopt a portrayal of the individual as a multilayered entity or of a dual nature, in a manner similar to Adam Smith's depiction of an ""impartial spectator"" ex.
I.Static games of complete information --1.Games in strategic form and Nash equilibrium --2.Iterated strict dominance, rationalizability, and correlated equilibrium --II.Dynamic games of complete information --3.Extensive-form games --4.Applications of multi-stage games with observed actions --5.Repeated games --III.Static games of incomplete information --6.Bayesian games and Bayesian equilibrium --7. Bayesian games and mechanism design --IV.Dynamic games of incomplete information --8.Equilibrium refinements: perfect Bayesian equilibrium, sequential equilibrium, and trembling-hand perfection --9.Reputation effects --10.Sequential bargaining under incomplete information --V.Advanced topics --11.More equilibrium refinements: stability, forward induction, and iterated weak dominance --12.Advanced topics in strategic-form games --13.Payoff-relevant strategies and Markov equilibrium --14.Common knowledge and games --Index.
"What is a game? Classically, a game is perceived as something played by human beings. Its mathematical analysis is human-centered, explores the structures of particular games, economic or social environments and tries to model supposedly "rational" human behavior in search of appropriate "winning strategies". This point of view places game theory into a very special scientific corner where mathematics, economics and psychology overlap and mingle. This book takes a novel approach to the subject. Its focus is on mathematical models that apply to game theory in particular but exhibit a universal character and thus extend the scope of game theory considerably. This textbook addresses anyone interested in a general game-theoretic view of the world. The reader should have mathematical knowledge at the level of a first course in real analysis and linear algebra. However, possibly more specialized aspects are further elaborated and pointers to relevant supplementary literature are given. Moreover, many examples invite the reader to participate "actively" when going through the material. The scope of the book can be covered in one course on Mathematical Game Theory at advanced undergraduate or graduate level"--
Game theory is a branch of mathematics that studies strategic interactions, i.e., interactions which involve more than one agent and in which each agent makes her/his decision while striving to predict the decisions of other agents. Game theory has been successfully applied in many areas of both the natural and social sciences, and it is the belief of this book's author that it can also be gainfully invoked in the area of legal philosophy. In this book, Wojciech Zaluski analyzes legal-philosophical concepts - such as legal interpretation, justice, legal rights, contract law, tort law, and prop
Game theory and contemporary decision theory provide the mathematical foundation of economics. Neuroeconomics, which principally concerns itself with the integrative study of brain, mind and behavior, builds on this mathematical foundation while also drawing heavily from the repository of experimental paradigms that have grown out of economic game theory and behavioral economics. Game theory is central to neuroeconomics primarily because it constitutes a formal mathematical framework with which to bridge insights occurring at different levels of neuroeconomic analysis. In particular, game theoretic principles can be used to express neuroscientific ideas about the brain, psychological concepts regarding the human mind, and economic predictions of human behavior, thereby making these different ideas more rigorously relatable to each other. In this chapter we provide a nontechnical introduction to game theory and its relation to neuroeconomics. It has been written as an overview of the basic concepts most likely to be encountered in neuroeconomic research. The first part of the chapter introduces the reader to the basic concepts and philosophical underpinnings of game theory in relation to neuroeconomics. The second part is an introduction and discussion of common games, including the games featured in the other chapters of this book.
Game theory studies the strategic interactions between and among decision makers, players, through mathematical models called games. This paper presents an overview on the evolution of the application of game theory to fisheries economics. The first applications emerged in the late 1970s, focussing upon internationally shared fish stocks. This occurred in the context of the UN Third Conference on the Law of the Sea, and the 1982 UN Convention on the Law of the Sea. During the 1980s and early 1990s the application of game theory to fisheries focused mainly on transboundary fish stocks. Thereafter, the applications to straddling fish stocks developed significantly, through the use of coalition games. This was a consequence of the mismanagement of these stocks, and the management regime brought forth in response by the 1995 UN Fish Stocks Agreement. The application of game theory to the management of national/regional fisheries is a new research frontier, as it is still much underexplored, when compared to international fisheries. This paper also summarizes the main research developments of a set of nine papers selected for this special issue on Game Theory and Fisheries. ; Peer reviewed
This book primarily addresses various game theory phenomena in the context of management practice. As such, it helps readers identify the profound game theory principles behind these phenomena. At the same time, the game theory principles in the book can also provide a degree of guidance for solving practical problems. As one of the main areas in management research, there is already an extensive body of literature on game theory. However, it remains mainly theoretical, focusing on abstract arguments and purely numerical examples purely. This book addresses that gap, helping readers apply game theory in their actual management or research work.