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Topic: Theory of Games and Economic Behavior


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In the News (Sat 15 Dec 18)

  
  Game theory - Wikipedia, the free encyclopedia
Game theory is a branch of applied mathematics that studies strategic situations where players choose different actions in an attempt to maximize their returns.
Game theory saw substantial growth during the Cold War because of its application to military strategy, most notably to the concept of mutually assured destruction.
Game theory experienced a flurry of activity in the 1950s, during which time the concepts of the core, the extensive form game, fictitious play, repeated games, and the Shapley value were developed.
en.wikipedia.org /wiki/Game_theory   (3689 words)

  
 Game theory - Open Encyclopedia   (Site not responding. Last check: 2007-11-05)
Game theory is a branch of mathematics that uses models to study interactions with formalized incentive structures ("games").
Game theory has unusual characteristics in that while the underlying subject often appears as a branch of applied mathematics, researchers in other fields carry out much of the fundamental work.
Subjective expected utility theory explains how to derive a measure of utility which will always satisfy the criterion of risk neutrality, and hence serve as a measure for the payoff in game theory.
open-encyclopedia.com /Game_theory   (1803 words)

  
 Kuhn, H.W., ed.: Classics in Game Theory.
Classics in Game Theory assembles in one sourcebook the basic contributions to the field that followed on the publication of Theory of Games and Economic Behavior by John von Neumann and Oskar Morgenstern (Princeton, 1944).
The theory of games, first given a rigorous formulation by von Neumann in a in 1928, is a subfield of mathematics and economics that models situations in which individuals compete and cooperate with each other.
The central role of game theory in economic theory was recognized by the award of the Nobel Memorial Prize in Economic Science in 1994 to the pioneering game theorists John C. Harsanyi, John Nash, and Reinhard Selten.
www.pupress.princeton.edu /titles/5979.html   (311 words)

  
 Some Basics   (Site not responding. Last check: 2007-11-05)
Game theory is a distinct and interdisciplinary approach to the study of strategic behavior.
Game theory was intended to confront just this problem: to provide a theory of economic and strategic behavior when people interact directly, rather than "through the market." In game theory, "games" have always been a metaphor for more serious interactions in human society.
But game theory addresses the serious interactions using the metaphor of a game: in these serious interactions, as in games, the individual's choice is essentially a choice of a strategy, and the outcome of the interaction depends on the strategies chosen by each of the participants.
william-king.www.drexel.edu /top/prin/txt/Imch/intro.html   (773 words)

  
 Sergiu Hart / books / Handbook of Game Theory - Preface / Vol. 1
Game Theory is concerned with both matters: defining "solution concepts," and then investigating their properties, in general as well as in specific models coming from the various areas of application.
Game Theory may be viewed as a sort of umbrella or "unified field" theory for the rational side of social science, where "social" is interpreted broadly, to include human individuals aswell as other kinds of players (collectives such as corporations and nations, animals and plants, computers, etc.).
Game Theory has burgeoned greatly in the last decade, and today it is an essential tool in much of economic theory.
www.ma.huji.ac.il /~hart/hgt/pref-i.html   (1605 words)

  
 History of Game Theory   (Site not responding. Last check: 2007-11-05)
Theory of Games and Economic Behavior by John von Neumann and Oskar Morgenstern is published.
Lloyd Shapley's paper Stochastic Games showed that for the strictly competitive case, with future payoff discounted at a fixed rate, such games are determined and that they have optimal strategies that depend only on the game being played, not on the history or even on the date, ie: the strategies are stationary.
Game Theory and the Law by Douglas G. Baird, Robert H. Gertner and Randal C. Picker is one of the first books in law and economics to take an explicitly game theoretic approach to the subject.
william-king.www.drexel.edu /top/class/histf.html   (5889 words)

  
 Evolutionary Game Theory
Since evolutionary game theory successfully explains the predominance of certain behaviors of insects and animals, where strong rationality assumptions clearly fail, this suggests that rationality is not as central to game theoretic analyses as previously thought.
The theory of evolution is a dynamical theory, and the second approach to evolutionary game theory sketched above explicitly models the dynamics present in interactions among individuals in the population.
One must develop an alternate theory of utility/fitness, one compatible with the bounded rationality of individuals, that is sufficient to define a utility measure adequate for the application of evolutionary game theory to cultural evolution.
plato.stanford.edu /entries/game-evolutionary   (7278 words)

  
 Experience from a Course in Game Theory   (Site not responding. Last check: 2007-11-05)
When we compared the responses of economics students to daily strategic situations before and after a course in game theory, we found little difference before and after the course, though there was a clear correlation between their responses and their second major.
The full game theoretical analysis of this particular game is not trivial and therefore, in 1999 I offered part of the class a modified version of the question where the winning rule was changed to "guess 2/3 of the average of the other players".
In a game with a similar structure to that of the centipede game, the subject was the first in a sequence of players to decide whether "to stop" or "to pass the game to the next player in line", with payoffs that made "all players pass" the unique sub-game prefect equilibrium.
www.princeton.edu /~ariel/99/gt100.html   (8125 words)

  
 Game Theory, by Avinash Dixit and Barry Nalebuff: The Concise Encyclopedia of Economics: Library of Economics and ...
Game theory was pioneered by Princeton mathematician John von Neumann.
In contrast to the linear chain of reasoning for sequential games, a game with simultaneous moves involves a logical circle.
Recent advances in game theory have succeeded in describing and prescribing appropriate strategies in several situations of conflict and cooperation.
www.econlib.org /library/Enc/GameTheory.html   (1661 words)

  
 Behavior
Behavior Behavior is the American spelling of behaviour, derived from the verb behave, from the prefix be- and the verb...
Herd behavior Herd behaviour is the term used to describe situations in which the individuals of any particular group re...
Theories of Political Behavior The psychodynamics of decision-making form a basis to understand institutional functionin...
www.brainyencyclopedia.com /topics/behavior.html   (388 words)

  
 AllRefer.com - games, theory of (Mathematics) - Encyclopedia   (Site not responding. Last check: 2007-11-05)
In noncooperative games, unlike cooperative ones, no outside authority assures that players stick to the same predetermined rules, and binding agreements are not feasible.
Further, he recognized that in noncooperative games there exist sets of optimal strategies (so-called Nash equilibria) used by the players in a game such that no player can benefit by unilaterally changing his or her strategy if the strategies of the other players remain unchanged.
It is applicable to many fields, including military problems and economics; the 1994 Nobel Memorial Prize in Economic Sciences was awarded to Nash, John Harsanyi, and Reinhard Selten for their work in applying game theory to economics.
reference.allrefer.com /encyclopedia/G/games-th.html   (431 words)

  
 Erica Carle -- Mind Games
Game theory is part of the effort of mathematicians and social "scientists" to make human behavior predictable in conflict situations.
Game players make strategic decisions in order to make gains and avoid losses for themselves or their "team." The more information the game player can discover about the strategy and the future moves of his adversary or adversaries, the better chance he has to make gains.
Having no moral code or principles to guide them in their behavior or to instruct their followers, the theory of games gave them principles of a sort and strategies to use as an aid in communicating with one another, and to limit the behavior of less informed followers.
www.newswithviews.com /Erica/Carle13.htm   (2569 words)

  
 Theory of Games and Economic Behavior Article, TheoryGamesandEconomicBehavior Information   (Site not responding. Last check: 2007-11-05)
It contained amathematical theory of economic and social organization, based on a theory of games of strategy.
This is now a classic work, upon which modern-day game theory is based.Game theory has since been widely used to analyze real-world phenomena from armsraces to optimal policy choices of presidential candidates, from vaccination policy to major league baseball salarynegotiations.
theory of games and economic behaviro, based, theory of game sand economic behavior, sciences, theory of games nad economic behavior, choices, theory of games and economi cbehavior, phenomena, theory of games adn economic behavior, world,...
www.anoca.org /policy/based/theory_of_games_and_economic_behavior.html   (201 words)

  
 ECON E327 1572 Theory of Games & Economic Behavior   (Site not responding. Last check: 2007-11-05)
In this course we study games as models of economic behavior.
Games are mathematical objects, and we develop the necessary mathematics to solve the games that are of interest to economists.
The basic text is Gardner, Games for Business and Economics (Wiley, 1995), which we supplement with some outside reading and current events.
www.indiana.edu /~deanfac/blfal97/econ/econ_e327_1572.html   (112 words)

  
 Sample Chapter for von Neumann, J. and Morgenstern, O.: Theory of Games and Economic Behavior.
The only paper in his prolific output that is marginally related to game theory is a joint paper on a one-player game which must be categorized as a game of chance.
So the addition of a new seminar was an event that raised the visibility of game theory considerably among the graduate students in the department and among the visitors to the institute.
The TGEB was published with unparalleled accolades from the cream of the mathematical economists of the era, then ignored by the economists while mathematicians at the RAND Corporation and at Princeton quietly pushed the boundaries of the subject into new territory.
www.pupress.princeton.edu /chapters/i7802.html   (2852 words)

  
 John von Neumann, Biography: The Concise Encyclopedia of Economics: Library of Economics and Liberty
But the semicompetitive/semicooperative nature of most economic situations, in which the value of the outputs is greater than the value of the inputs, increased the complexity, and consequently, the two were unable to offer solutions.
Together, von Neumann and Morgenstern revived and mathematically structured the idea that individuals appear to be choosing among alternatives with probabilistic outcomes to maximize the expected amount of some measure of value termed "utility." This made clearer Knight's concept of risk.
The theory of games had been studied before, but after von Neumann and Morgenstern it received far more attention.
www.econlib.org /library/Enc/bios/Neumann.html   (554 words)

  
 David Levine's Economic and Game Theory Page
General interest material about game theory, including an introductory essay, a reading list, and a forum for questions and answers.
Play a game: challenge the on-line forecaster, engage in the cooperative learning game or solve a game using the zero-sum game solver.
The Economic Theory Center (ETC) supports a variety of faculty and graduate student research.
levine.sscnet.ucla.edu   (343 words)

  
 Dov Samet
All game theoretic models are either based on the strategic form of the game, or make a heavy use of this form.
Obviously, in games with many strategies (in chess there are more strategies than there are particles in the universe) the strategic form is useless.
For human minds even games much smaller than chess cannot be dealt with in terms of their strategic form.
www.tau.ac.il /ijgt/index.html   (866 words)

  
 Big Ideas. Big Thinkers. John von Neumann | Thirteen/WNET
He also developed the "theory of automata," which compared the computing abilities of a machine with that of a human brain.
Von Neumann lectured as a professor at the University of Berlin from 1926 to 1929.
He was a co-author of the book THEORY OF GAMES AND ECONOMIC BEHAVIOR (1944) with Oskar Morgenstern, the first contemporary book on the subject of Game Theory.
www.thirteen.org /bigideas/neumann.html   (508 words)

  
 Games-and-Behavior: Experimental Game Theory
This site is based on the perception of game theory as the study of a set of considerations used by individuals in strategic situations.
This is in line with the idea that Game Theory is simply a collection of considerations which may or may not be used in real life.
It is not a trivial task for students to absorb several games in one class and this method facilitates their understanding of the material.
gametheory.tau.ac.il   (719 words)

  
 Theory of  Games  and  Economic Behavior  ECO 6938   (Site not responding. Last check: 2007-11-05)
Theory of Games and Economic Behavior ECO 6938
Lecture October 11: Tariff game as an example of a two-stage game, Two-stage repeated games, Infinitely repeated games and trigger strategies, sequential form representations, subgames, and subgame perfect Nash Equilibrium.
Home work assignment: based on the games we played in class xeer818, calculate the population proportion of play of Up and Left, and then calculate the same proportions for each player.
www.bus.ucf.edu /erutstrom/courses/theory_of__games__and__economic.htm   (212 words)

  
 International Social Science Review: John von Neumann's contribution to economic science
His work in mathematical physics won him praise as the primary intellectual influence responsible for the emergence of game theory, digital computing, and cellular automata.
The text, delivered in German, was originally entitled "On Certain Equations of Economics and A Generalization of Brower's Fixed-Point Theorem (translation)." The paper would be published in 1937 as part of the proceedings of Karl Menger's (21) Vienna Colloquium.
The resolution of the economic problem is made in such a way that all goods are produced at the lowest possible cost in the highest possible quantity.
www.findarticles.com /p/articles/mi_m0IMR/is_3-4_79/ai_113139424   (1448 words)

  
 von Neumann, J. and Morgenstern, O.: Theory of Games and Economic Behavior (Commemorative Edition).
In it, John von Neumann and Oskar Morgenstern conceived a groundbreaking mathematical theory of economic and social organization, based on a theory of games of strategy.
Not only would this revolutionize economics, but the entirely new field of scientific inquiry it yielded--game theory--has since been widely used to analyze a host of real-world phenomena from arms races to optimal policy choices of presidential candidates, from vaccination policy to major league baseball salary negotiations.
"While the jury is still out on the success or failure of game theory as an attempted palace coup within the economics community, few would deny that interest in the subject--as measured in numbers of journal page--is at or near an all-time high.
www.pupress.princeton.edu /titles/7802.html   (726 words)

  
 Game Theory
This is a list of places to find information on Game Theory and related issues.
Gambit is an interactive package for the analysis of games in both extensive and normal form.
Game Theory and the Law Book review and introduction.
www.econ.umn.edu /~czheng/f96_5107h/games.htm   (162 words)

  
 The Economist Shop : Theory of Games & Economic Behaviour
What began more than sixty years ago as a modest proposal that a mathematician and an economist write a short paper together blossomed, in 1944, when Princeton University Press published Theory of Games and Economic Behavior.
In it, John von Neumann and Oskar Morgenstern conceived a groundbreaking mathematical theory of economic and social organisation, based on a theory of games of strategy.
Not only would this revolutionise economics, but the entirely new field of scientific inquiry it yielded - game theory - has since been widely used to analyse a host of real-world phenomena from arms races to optimal policy choices of presidential candidates, from vaccination policy to major league baseball salary negotiations.
www.economistshop.com /asp/bookdetail.asp?book=1955   (229 words)

  
 games, theory of   (Site not responding. Last check: 2007-11-05)
The Nobel Memorial Prize in Economic Sciences was awarded to Nash, John Harsanyi, and Reinhard Selten (1994) and to Robert J. Aumann and Thomas C. Schelling (2005) for work in applying game theory to aspects of economics.
Implications of game theory for international agricultural trade.
Potential benefits and limitations of game theory in agricultural economics.
www.infoplease.com /ce6/sci/A0820124.html   (433 words)

  
 games, theory of on Encyclopedia.com
Petrov Group Announces Case Study of Profitability and Game Theory in Analog and Mixed-Signal ICs.
Institutional environment, transaction costs, and the theory of interfirm guanxi.
Infrastructure investment as a real options game: the case of European airport expansion.
www.encyclopedia.com /html/g1/games-th.asp   (626 words)

  
 Table of Contents for von Neumann, J. and Morgenstern, O.: Theory of Games and Economic Behavior (Commemorative ...   (Site not responding. Last check: 2007-11-05)
Table of Contents for von Neumann, J. and Morgenstern, O.: Theory of Games and Economic Behavior (Commemorative Edition).
Shift of emphasis from economics to games 46
Enumeration of those games for which all solutions are known 471
pup.princeton.edu /TOCs/July05/c7802.html   (1116 words)

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