Game Theory short. What a "Game" means in Game Theory. Rivalry is direct. In "Zero-Sum" games you win just what the other guy loses. Economic market games.

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Presentation transcript:

Game Theory short

What a "Game" means in Game Theory. Rivalry is direct. In "Zero-Sum" games you win just what the other guy loses. Economic market games are often non-zero sum. Noncooperative often. Oligopolistic.

Who needs to study Game Theory? We will do two-person games in this course.

Nash Equilibrium: A set of strategies such that each player believes accurately that he is doing the best he can given the strategy of the other player.

Nash as a young man Nash as a Nobel Prize Winner The book and the Oscar-winning movie.

Barkley A B Allied I II

Applications of Game Theory outside of economics: Prisoner's Dilemma MAD our historical Cold War policy on nuclear attack missiles and our defensive system.

Does Cheating Pay?

Before Most-favored Customer Clause

After Most-Favored Customer Clause

Walmart Case: Preemptive strategies.