|
|
Some
Introductory Information on Game Theory |
 |
| Prepared
by: |
Dr.
Lawrence Weiser
Director, Center for Economic Education
University of Wisconsin-Stevens Point |
|
Essentials of Game Theory |
| Required elements of a GAME:
Players, Rules, Score. |
| |
- Players: producers, consumers,
savers, investors, workers, gamblers, athletes, etc.
|
- Rules: economic systems, legal
systems, contracts, government regulations, rules of sports, rules of games,
etc.
|
- Score: profits, losses, income,
winnings, revenues, employment, GDP, etc.
|
- Strategy: A behavior or decision
selected by one player in an interactive situation. In typical game
theory situations, the strategy choice may depend on the decision of
the opponent.
|
- Payoff:
The gain or loss from the strategy selected. A payoff matrix
provides all the possible payoffs from that game.
|
- Dominant strategy: A strategy
that produces the �best� result regardless of the opponent�s
strategy.
|
- Dominant equilibrium:
An equilibrium
result based on dominant strategies.
|
- Nash equilibrium:
Equilibrium
result(s) not necessarily based on dominant strategies.
|
Newspaper
Article on Prof. Weiser's Lecture to Students on Game Theory and John
Nash.
Strategy and
Conflict: An Introductory Sketch of Game Theory by
Roger McCain at Drexel University
An Outline Of
The History Of Game Theory by Paul Walker April 1995
Biographical Information on John Nash : Nobel Prize in Economics Web
site
More biographical information on John Nash
�A Beautiful Mind� by Sylvia Nasar, 1994; the story of John Nash - found at
Amazon.com
Interview with Sylvia Nasar, author of �A Beautiful Mind�, the story of John
Nash
New York Times Review of the Film �A
Beautiful Mind� by A.O. Scott
"Mindless"
By
STEVEN A. LANDSBURG
From
The Wall Street Journal; February 22, 2002, Page W13.
EconomicsWisconsin
Wisconsin Council on Economic Education
161 W. Wisconsin Avenue, Suite 3143
Milwaukee, WI 53203
(414) 221-9400
Fax (414) 221-9790
wicnclee@ameritech.net
|
