Chapter 17: Game Theory

Indrajit Ray

Game theory Game theory, within the discipline of economics, has perhaps been the most discussed field in the past half century—it has revolutionized the study of economics, inspired hit films, and crept into the popular awareness. The success story of game theory as a research area can easily be found in the advancement of field-specific journals and the many Nobel Prizes awarded to game theorists within the past two decades. As it offers powerful tools for understanding strategic interactions, game theory is being increasingly applied not just within economics (such as industrial organization, political economy, international trade, environmental economics) but also in other subject areas, such as politics, sociology, law, biology, and computer science. It is not surprising that game theory has gained enormous popularity and importance as a teaching module within any (undergraduate or graduate) program in economics and other related subject areas. So what exactly is game theory? ...

Users without subscription are not able to see the full content on this title. Please, subscribe or login to access all content on this website.

• Buy The Book