1. Course Description
This is an introductory course in game theory, which will provide you with mathematical tools for analyzing strategic situations ‐ your optimal decision depends on what other people will do. In particular, we will study central solution concepts in game theory such as Nash equilibrium, subgame perfect equilibrium, and Bayesian equilibrium. Game theory has been widely recognized as an important analytical tool in such fields as economics, political science, phycology and biology. To illustrate its analytical value, we will cover a variety of applications that include international relations, development, business competition, auctions, marriage market, and so forth. There is no prerequisite for this course, although some background on microeconomics and familiarity of probabilistic thinking would be helpful.
1. Course Description
This is an advanced course in microeconomics, succeeding to Advanced Microeconomics I (ECO601E) in which we study individual economic decisions and their aggregate consequences under ideal situations. In this course, we extend our previous analyses to incorporate imperfectly competitive market structures, dynamic market competitions, and incomplete information. To this end, we study game theory, a collection of mathematical tools for analyzing strategically interdependent situations. Course grade will be determined by combining grades on three homework assignments (45%) and a final exam (55%). Each problem set will be distributed in class. You are encouraged to form study groups, but must write up solutions independently.
1. Course Description
This is an introductory course in game theory, which will provide you with mathematical tools for analyzing strategic situations ‐ your optimal decision depends on what other people will do. In particular, we will study central solution concepts in game theory such as Nash equilibrium, subgame perfect equilibrium, and Bayesian equilibrium. Game theory has been widely recognized as an important analytical tool in such fields as economics, management, political science, phycology and biology. To illustrate its analytical value, we will cover a variety of applications that include international relations, development, business competition, auctions, marriage market, and so forth. There is no prerequisite for this course, although some background on microeconomics and familiarity of probabilistic thinking would be helpful.
Blue Book price for the car, as I must decide whether to ofer the car at this price."
Interaction between Je'y and Freddie may be quite elaborate, but I would like to abstract from this complexity and simply focus on the bottom line. Suppose there is some ixed market price for fifteen-year-old sedans of the . type that Freddie is selling. Call this exogenously given price p. Assume that Jerry and Freddie play the game depicted in Figure 27.1. Nature first chooses whether the car is a peach or a lemon. If the car is a peach, then it is worth
This is an advanced course in microeconomics, succeeding to Advanced Microeconomics I (ECO601E) in which we study individual economic decisions and their aggregate consequences under ideal situations. In this course, we extend our previous analyses to incorporate imperfectly competitive market structures, dynamic market competitions, and incomplete information. To this end, we study game theory, a collection of mathematical tools for analyzing strategically interdependent situations. Most of the topics covered in this course parallels to those of Game Theory (ECO290E), but are explained in much more rigorous way.
Hal Varian, Microeconomic Analysis, 3 rd edition, 1992.
Those of who look for more lucid treatment than the above textbooks may consult with the following authoritative sources. The former incorporates game theoretical perspectives, and the latter is as standard textbook most widely used in Economics Ph.D. microeconomics courses.
1. Course Description
This is an advanced course in microeconomics, succeeding to Advanced Microeconomics I (ECO601E) in which we study individual economic decisions and their aggregate consequences under ideal situations. In this course, we extend our previous analyses to incorporate imperfectly competitive market structures, dynamic market competitions, and incomplete information. To this end, we study game theory, a collection of mathematical tools for analyzing strategically interdependent situations. Most of the topics covered in this course parallels to those of Game Theory (ECO290E), but are explained in much more rigorous way.
Those of who look for more lucid treatment than the above textbooks may consult with the following authoritative sources. The former comprehensively incorporates g[r]
1. Course Description
This is an advanced course in microeconomics, succeeding to Advanced Microeconomics I (ECO600E) in which we study individual economic decisions and their aggregate consequences under ideal situations. In this course, we extend our previous analyses to incorporate imperfectly competitive market structures, dynamic market competitions, and incomplete information. To this end, we study game theory, a collection of mathematical tools for analyzing strategically interdependent situations.
Those of who look for more lucid treatment than the above textbooks may consult with the following authoritative sources. The former comprehensively incorporates g[r]
1. Course Description
This is an advanced course in microeconomics, succeeding to Advanced Microeconomics I (ECO600E) in which we study individual economic decisions and their aggregate consequences under ideal situations. In this course, we extend our previous analyses to incorporate imperfectly competitive market structures, dynamic market competitions, and incomplete information. To this end, we study game theory, a collection of mathematical tools for analyzing strategically interdependent situations.
1. Course Description
This is an introductory course in game theory, which will provide you with mathematical tools for analyzing strategic situations ‐ your optimal decision depends on what other people will do. In particular, we will study central solution concepts in game theory such as Nash equilibrium, subgame perfect equilibrium, and Bayesian equilibrium. Game theory has been widely recognized as an important analytical tool in such fields as economics, management, political science, phycology and biology. To illustrate its analytical value, we will cover a variety of applications that include international relations, development, business competition, auctions, marriage market, and so forth. There is no prerequisite for this course, although some background on microeconomics and familiarity of probabilistic thinking would be helpful.
This is an introductory course in game theory, which will provide you with mathematical tools for analyzing strategically interdependent situations, i.e., the situations in which your optimal decision depends on what other people will do. In particular, we will study central solution concepts in game theory such as Nash equilibrium, subgame perfect equilibrium, and Bayesian equilibrium. To illustrate the analytical value of these tools, we will cover a variety of applications, e.g., international relations, business competition, auctions, marriage market, and so forth. There is no prerequisite for this course, although some background on microeconomics and familiarity of probabilistic thinking would be helpful.
This is an introductory course in game theory, which will provide you with mathematical tools for analyzing strategically interdependent situations, i.e., the situations in which your optimal decision depends on what other people will do. In particular, we will study central solution concepts in game theory such as Nash equilibrium, subgame perfect equilibrium, and Bayesian equilibrium. To illustrate the analytical value of these tools, we will cover a variety of applications, e.g., international relations, business competition, auctions, marriage market, and so forth. There is no prerequisite for this course, although some background on microeconomics and familiarity of probabilistic thinking would be helpful.
1. Course Description
This is an advanced course in microeconomics, succeeding to Advanced Microeconomics I (ECO600E) in which we study individual economic decisions and their aggregate consequences under ideal situations. In this course, we extend our previous analyses to incorporate imperfectly competitive market structures, dynamic market competitions, and incomplete information. To this end, we study game theory, a collection of mathematical tools for analyzing strategically interdependent situations.
Those of who look for more lucid treatment than the above textbooks may consult with the following authoritative sources. The former is the best‐seller graduate [r]
u(x, y) = xy
(a) Does the consumer have convex preference? Explain why. (b) Solve the utility maximization problem.
(c) The health authorities are putting up a program to cut down alcohol consump- tion. They propose a quota that allows to consume a maximum of 16 liters. What are the optimal choices under this new scenario?
Rm In essence, the PBE is a solution concept that incorporates sequential rationality and consistency of beliefs.
The crucial new feature of PBE due to Kreps and Wilson (1982): Equilibrium no longer consists of just a strategy for each player but now also includes a belief for each player at each