Game Theory And A Time-Of-Market Decision
AbstractThe contribution of the theory of games to decision making has been twofold. Firstly, it has described and clarified many of those decision complexes which are reducible to a direct conflict of interests ("game") between two or more irreconcilably opposing parties who have some control over the outcome of the conflict. Secondly, it has supplied means of obtaining solutions to some of the problems so posed. The best examples of non-trivial real-world game situations are to be found in warfare and, in the field of business, in duopolies and oligopolies. But the number of applications has been limited to a large extent by some assumptions required by the theory, mainly those which define the strictness of the competition between the players and the degree of knowledge each has about the others' strategies. In agriculture, too, it is rare that these assumptions can be rigorously met. However by adopting a rather liberal interpretation of these conditions, it is possible to conceive of some farm situations in terms of the theory; landlord vs. tenant or owner vs. sharefarmer competitions spring readily to mind, as do auction sales and other direct farmer-market contacts. One of the most fruitful areas for investigation in the agricultural field is the study of games against nature. This covers a range of situations, from direct conflict between the farmer and his physical environment, (for example, raising crops subject to irregular weather conditions) to a competition between the farmer and his economic environment, that is an amalgamation of all his "adversaries"--marketing authorities, other farmers, etc. In either case "nature" is considered as a fictitious player having no known objective and, as a starting point, no known strategy.
Download InfoIf you experience problems downloading a file, check if you have the proper application to view it first. In case of further problems read the IDEAS help page. Note that these files are not on the IDEAS site. Please be patient as the files may be large.
Bibliographic InfoArticle provided by Australian Agricultural and Resource Economics Society in its journal Australian Journal of Agricultural Economics.
Volume (Year): 05 (1961)
Issue (Month): 01 (September)
Contact details of provider:
Postal: AARES Central Office Manager, Crawford School of Public Policy, ANU, Canberra ACT 0200
Phone: 0409 032 338
Web page: http://www.aares.info/
More information through EDIRC
Other versions of this item:
- C.D. Throsby, 1961. "Game Theory And A Time‐Of‐Market Decision," Australian Journal of Agricultural and Resource Economics, Australian Agricultural and Resource Economics Society, vol. 5(1), pages 9-22, 09.
You can help add them by filling out this form.
CitEc Project, subscribe to its RSS feed for this item.
- Dillon, John L., 1962. "Applications Of Game Theory In Agricultural Economics: Review And Requiem," Australian Journal of Agricultural Economics, Australian Agricultural and Resource Economics Society, vol. 6(02), December.
For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (AgEcon Search).
If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.
If references are entirely missing, you can add them using this form.
If the full references list an item that is present in RePEc, but the system did not link to it, you can help with this form.
If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your profile, as there may be some citations waiting for confirmation.
Please note that corrections may take a couple of weeks to filter through the various RePEc services.