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Game theory is the study of how players strategize and make decisions. It's a way to model scenarios in which conflicts of interest exist among the players.
Examples of Game Theory in Economics - Economics Help. 8 December 2021 by Tejvan Pettinger. Game study is the study of strategic interaction where one player’s decision depends on what the other player does. What the opponent does also depends upon what he thinks the first player will do.
Game theory is the study of mathematical models of strategic interactions. [ 1 ] It has applications in many fields of social science, and is used extensively in economics, logic, systems science and computer science. [ 2 ] Initially, game theory addressed two-person zero-sum games, in which a participant's gains or losses are exactly balanced ...
Game Theory has applications in several fields, such as economics, politics, law, biology, and computer science. In this course, I will introduce the basic tools of game theoretic analysis. In the process, I will outline some of the many applications of Game Theory, primarily in economics.
Game theory is the study of the ways in which interacting choices of economic agents produce outcomes with respect to the preferences (or utilities) of those agents, where the outcomes in question might have been intended by none of the agents.
It covers topics such as epistemic foundations, higher order beliefs, bargaining, repeated games, reputation, supermodular games, and global games. It also introduces cooperative solution concepts—Nash bargaining solution, core, Shapley value—and develops corresponding non-cooperative foundations.
In the last 25 years, many and perhaps most significant innovations in economics have been driven by the use of game theory, which provides economists with a language and analytical tools to study many economic interactions that older tools, such as price theory, couldn’t touch.