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Lectures in Microeconomics-Charles W. Upton Game Theory.

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Presentation on theme: "Lectures in Microeconomics-Charles W. Upton Game Theory."— Presentation transcript:

1 Lectures in Microeconomics-Charles W. Upton Game Theory

2 Developed along with expected utility model Applicable to many duopoly situations

3 Game Theory The Basic Idea Consider a simple game “odds or evens”

4 Game Theory The Basic Idea Consider a simple game “odds or evens” Has the two key elements: –Strategies –Payoff Matrix

5 Game Theory Odds or Evens

6 Game Theory Odds or Evens

7 Game Theory Odds or Evens

8 Game Theory The Prisoner’s Dilemma

9 Game Theory The Prisoner’s Dilemma

10 Game Theory The Prisoner’s Dilemma

11 Game Theory The Prisoner’s Dilemma

12 Game Theory The Prisoner’s Dilemma

13 Game Theory The Prisoner’s Dilemma

14 Game Theory The Prisoner’s Dilemma

15 Game Theory How much to Produce

16 Game Theory How much to Produce

17 Game Theory How much to Produce

18 Game Theory How much to Produce Cooperative Strategy

19 Game Theory How much to Produce Dominant Strategy Nash Equilibrium

20 Game Theory End ©2005 Charles W. Upton

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