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Game Theory

Introductory lecture on Game Theory
by

Marco Caserta

on 24 June 2013

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Transcript of Game Theory

Game Theory
Chicken Game
Assurance Game
Prisoners' Dilemma
Dominated Strategy
Strategy A
is dominated by
strategy B if
the payoffs of A are always worse than the payoffs of B
(no matter what the other player's strategy is)
• For topical readings from the media, on-line games, and goodies:
www.gametheory.net
.

• For a history of game theory (by Paul Walker):
www.econ.canterbury.ac.nz/personal_pages/paul_walker/gt/hist.htm

• Game Theory Society:
www.gametheorysociety.org

Books:

• “Game of Strategy,” A. Dixit and S. Skeath

• “Games, Strategies, and Managers: How Managers Can Use Game Theory to Make Better Business Decisions,” John McMillan
Does
communication
solve the PD?
Three Classical Games
PD
CG
Prisoners
Dilemma
Chicken
Game
Stag
Hunt
Nash Equilibrium
: A No Regret Scenario
Two players
Perfect Information
Simultaneous Games
One-round Games
What is GT
References on GT
GT: Why
Strategic decision making
Two or more players
Math models for Economics, Political Science, Biology
Behavioral Game Theory
At least 5 Nobel Prizes in the last 15 years
Descriptive:
How human beings behave, interact, compete, and cooperate

Prescriptive:
A suggestion about how humans will behave (e.g., the concept of Nash Equilibrium)
Behavioral Game Theory:
An attempt to explain why people make apparently "irrational" decisions
Strategic Thinking
Making decisions and forming believes based on the analysis of what other people might do
Auctions
Bargaining
Market Design
Voting Strategies
Incentives Design
Signaling Strategies
http://bit.ly/WOcnOF
Full transcript