Game theory is a theoretical framework for conceiving social, economics and business situations among competing players. It is the science of strategy, or at least the optimal decision-making of independent and competing actors in a strategic setting. The curriculum is enriched with Game theory and is used in various fields to lay out various situations and predict their most likely outcomes. Businesses may use it, for example, to set prices, decide whether to acquire another firm, and determine how to handle a lawsuit. The module will look at the main equilibrium concept, the Nash equilibrium, and it’s several refinements under different types of games, guiding you through the analysis of strategic choices in a vareity of game structrues, from cooperative engagement to competive stanoffs. A number of different scenarios and examples will be considered to explain how strategic decision making plays a role in solving every-day problems.
Lecture 16, Workshop 16
Portfolio. Assessment Details: 3 x Problem Sets total worth 30%.
Examination. Assessment Details: 2 hours Closed book exam worth 70%.
Reassessment Method: Single instrument. 100% examination (2 hours, closed book)
On successfully completing the module, students will be able to:
1) Demonstrate a systematic understanding of key concepts in game theory.
2) Critically deploy strategic interactions used in generic games to real work problems in economics and business settings
3) Understand and analyse the diverse real world settings in business and economics, recognising the effects of interactions among different players/agents within a particular national and international context
4) Develop a deep insight in game theoretic settings and critically assess the importance of information in games and how this changes behaviours
5) Effectively communicate solutions to games of varied complexity and how best to use appropriate strategies under different assumptions
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