By Eric Rasmusen
Written in a crisp and approachable sort, video games and data makes use of easy modeling recommendations and simple factors to supply scholars with an knowing of online game concept and data economics.
- Written for introductory classes looking a bit rigor.
- The 4th version brings the fabric totally up to date and contains new end-of-chapter difficulties and lecture room initiatives, in addition to a math appendix.
- Accompanied by means of a complete web site that includes options to difficulties and educating notes.
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Extra resources for Games and information: an introduction to game theory
Example text
In a general equilibrium model, for example, an equilibrium is a set of prices resulting from optimal behavior by the individuals in the economy. In game theory, that set of prices would be the equilibrium outcome, but the equilibrium itself would be the strategy profile– the individuals’ rules for buying and selling– that generated the outcome. ” The difference is not very important in most of the games that will appear in this chapter, but it is absolutely fundamental to thinking like a game theorist.
The equilibrium strategies are the strategies players pick in trying to maximize their individual payoffs, as distinct from the many possible strategy profiles obtainable by arbitrarily choosing one strategy per player. Equilibrium is used differently in game theory than in other areas of economics. In a general equilibrium model, for example, an equilibrium is a set of prices resulting from optimal behavior by the individuals in the economy. In game theory, that set of prices would be the equilibrium outcome, but the equilibrium itself would be the strategy profile– the individuals’ rules for buying and selling– that generated the outcome.
Both players prefer (Large, Large), and most modellers would use the pareto- efficient equilibrium to predict the actual outcome. We could imagine that it arises from pre-game communication between Smith and Jones taking place outside of the specification of the model, but the interesting question is what happens if communication is impossible. Is the pareto-efficient equilibrium still more plausible? The question is really one of psychology rather than economics. Ranked Coordination is one of a large class of games called coordination games, which share the common feature that the players need to coordinate on one of multiple Nash equilibria.