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Game Theory

In: MICROECONOMICS with SPREADSHEETS

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  • Suren Basov

Abstract

Game theory is the main mathematical tool to model strategic interactions in economics and other social sciences. In economics, we assume that individuals are rational and try to predict consciously the actions of their opponents and best respond to them. An alternative approach, evolutionary game theory, originated in biology. Under this approach, each individual is characterized by a strategy and the rate of replication of individuals in increasing the success of their strategy. We will not discuss evolutionary game theory in this book, but some references will be provided in the end of this part.

Suggested Citation

  • Suren Basov, 2017. "Game Theory," World Scientific Book Chapters, in: MICROECONOMICS with SPREADSHEETS, chapter 6, pages 73-83, World Scientific Publishing Co. Pte. Ltd..
    • Handle: RePEc:wsi:wschap:9789813143968_0006
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    Keywords

    Microeconomics; Game Theory; Producer Theory; Consumer Theory; Economics of Information; Basics of Industrial Organization; Excel; The Solver;
    All these keywords.

    JEL classification:

    • C81 - Mathematical and Quantitative Methods - - Data Collection and Data Estimation Methodology; Computer Programs - - - Methodology for Collecting, Estimating, and Organizing Microeconomic Data; Data Access

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