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Semester 1
Game Theory (ECNM10111)
Subject
Economics
College
CAHSS
Credits
20
Normal Year Taken
3
Delivery Session Year
2023/2024
Pre-requisites
Visiting students must have completed the equivalent of at least 4 semester-long Economics courses at grade B or above for entry to this course. This MUST INCLUDE courses in: Intermediate Macroeconomics (with calculus); Intermediate Microeconomics (with calculus); Probability & Statistics; and Introductory Econometrics. If macroeconomics and microeconomics courses are not calculus-based, then, in addition, Calculus (or Mathematics for Economics) is required at grade B or above.
Course Summary
The course reviews the game theoretic analysis of interactive decision-making, covering static and dynamic games with complete information, and static games with incomplete information. The basic concepts developed include: Nash equilibrium; dominant strategies; mixed strategies; games in extensive form; subgame perfection; timing & commitment. The concepts are illustrated by applications, such as: Cournot oligopoly; the "tragedy of the commons"; tennis; bargaining; policy credibility.
Course Description
This course is concerned with the analysis of economic problems that involve strategic interaction. The principal tool in this analysis will be the theory of games. The purpose of this course is to introduce the basic concepts of game theory and show how they can be of use in the analysis of economic problems and policy issues. Topics covered include: 1) Static games with complete information, Basic concepts. Nash equilibrium. Dominant strategies. Mixed strategies. Examples: Cournot, "tragedy of the commons", tennis. 2) Dynamic games with complete information: Games in extensive form. Subgame perfection. Timing, commitment. Examples: policy credibility, repeated games.Additional Topics: evolutionary game theory, matching. The course is taught through a programme of lectures and tutorials. Learning-by-doing, through problem solving and discussion of exercise sets, is an important ingredient of the course.
Assessment Information
Written Exam 50%, Coursework 50%, Practical Exam 0%
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Disclaimer
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