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Game Theory in Finance

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  • Anjan V. Thakor

Abstract

This paper provides an overview of game theory, in particular its applications in finance. Traditional models in which the uninformed agent moves first are examined initially, and this is followed by an examination of models in which the informed agent moves first. Some of the equilibrium concepts which are discussed are: Nash equilibrium, subgame perfection, sequential equilibrium, the Cho-Kreps intuitive criterion and the Banks-Sobel divinity and universal divinity refinements. Applications to corporate control, capital structure, dividends and stock repurchases, external financing, and financial intermediation are reviewed.

Suggested Citation

  • Anjan V. Thakor, 1991. "Game Theory in Finance," Financial Management, Financial Management Association, vol. 20(1), Spring.
    • Handle: RePEc:fma:fmanag:thakor91
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    Cited by:

    1. Jorge Martinez-Vazquez & Violeta Vulovic, 2017. "How well do subnational borrowing regulations work?," Chapters, in: Naoyuki Yoshino & Peter J. Morgan (ed.), Central and Local Government Relations in Asia, chapter 5, pages 161-220, Edward Elgar Publishing.
    2. Bieta, Volker & Broll, Udo & Siebe, Wilfried, 2020. "Strategic option pricing," CEPIE Working Papers 03/20, Technische Universität Dresden, Center of Public and International Economics (CEPIE).
    3. Posey, Lisa L. & Yavas, Abdullah, 2001. "Adjustable and Fixed Rate Mortgages as a Screening Mechanism for Default Risk," Journal of Urban Economics, Elsevier, vol. 49(1), pages 54-79, January.
    4. Diana Larisa Țâmpu & Carmen Costea, 2012. "A Concerning View In The Liquidity Crisis Through The Game Theory," Romanian Economic Business Review, Romanian-American University, vol. 6(1), pages 175-184, May.
    5. Bieta Volker & Broll Udo & Siebe Wilfried, 2020. "Strategic option pricing," Economics and Business Review, Sciendo, vol. 6(3), pages 118-129, August.
    6. Donker, H.A., 2001. "Takeovers : An empirical study of ownership structure and the wealth to shareholders in Dutch takeovers," Other publications TiSEM 480af60e-4b9b-49f2-ab6c-d, Tilburg University, School of Economics and Management.

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