Game Theory

Author: Drew Fudenberg
Publisher: MIT Press
ISBN: 0262061414
Release Date: 1991
Genre: Business & Economics

This advanced text introduces the principles of noncooperative game theory -including strategic form games, Nash equilibria, subgame perfection, repeated games, and games ofincomplete information - in a direct and uncomplicated style that will acquaint students with thebroad spectrum of the field while highlighting and explaining what they need to know at any givenpoint. The analytic material is accompanied by many applications, examples, and exercises.The theoryof noncooperative games studies the behavior of agents in any situation where each agent's optimalchoice may depend on a forecast of the opponents' choices. "Noncooperative" refers to choices thatare based on the participant's perceived selfinterest. Although game theory has been applied to manyfields, Fudenberg and Tirole focus on the kinds of game theory that have been most useful in thestudy of economic problems. They also include some applications to political science. The fourteenchapters are grouped in parts that cover static games of complete information, dynamic games ofcomplete information, static games of incomplete information, dynamic games of incompleteinformation, and advanced topics.Drew Fudenberg and Jean Tirole are Professors of Economics atMIT.

The Theory of Learning in Games

Author: Drew Fudenberg
Publisher: MIT Press
ISBN: 0262061945
Release Date: 1998
Genre: Business & Economics

This work explains that equilibrium is the long-run outcome of a process in which non-fully rational players search for optimality over time. The models they e×plore provide a foundation for equilibrium theory and suggest ways for economists to evaluate and modify traditional equilibrium concepts.

Strategies and Games

Author: Prajit K. Dutta
Publisher: MIT Press
ISBN: 9780262041690
Release Date: 1999-02-16
Genre: Business & Economics

Game theory has become increasingly popular among undergraduate aswell as business school students. This text is the first to provideboth a complete theoretical treatment of the subject and a variety ofreal-world applications, primarily in economics, but also in business,political science, and the law. Game theory has become increasingly popular among undergraduate as well as business school students. This text is the first to provide both a complete theoretical treatment of the subject and a variety of real-world applications, primarily in economics, but also in business, political science, and the law. Strategies and Games grew out of Prajit Dutta's experience teaching a course in game theory over the last six years at Columbia University.The book is divided into three parts: Strategic Form Games and Their Applications, Extensive Form Games and Their Applications, and Asymmetric Information Games and Their Applications. The theoretical topics include dominance solutions, Nash equilibrium, backward induction, subgame perfect equilibrium, repeated games, dynamic games, Bayes-Nash equilibrium, mechanism design, auction theory, and signaling. An appendix presents a thorough discussion of single-agent decision theory, as well as the optimization and probability theory required for the course.Every chapter that introduces a new theoretical concept opens with examples and ends with a case study. Case studies include Global Warming and the Internet, Poison Pills, Treasury Bill Auctions, and Final Jeopardy. Each part of the book also contains several chapter-length applications including Bankruptcy Law, the NASDAQ market, OPEC, and the Commons problem. This is also the first text to provide a detailed analysis of dynamic strategic interaction.

Divine Games

Author: Steven J. Brams
Publisher: MIT Press
ISBN: 9780262347808
Release Date: 2018-08-24
Genre: Mathematics

A game-theoretical analysis of interactions between a human being and an omnipotent and omniscient godlike being highlights the inherent unknowability of the latter's superiority. In Divine Games, Steven Brams analyzes games that a human being might play with an omnipotent and omniscient godlike being. Drawing on game theory and his own theory of moves, Brams combines the analysis of thorny theological questions, suggested by Pascal's wager (which considers the rewards and penalties associated with belief or nonbelief in God) and Newcomb's problem (in which a godlike being has near omniscience) with the analysis of several stories from the Hebrew Bible. Almost all of these stories involve conflict between God or a surrogate and a human player; their representation as games raises fundamental questions about God's superiority. In some games God appears vulnerable (after Adam and Eve eat the forbidden fruit in defiance of His command), in other games his actions seem morally dubious (when He subjects Abraham and Job to extreme tests of their faith), and in still other games He has a propensity to hold grudges (in preventing Moses from entering the Promised Land and in undermining the kingship of Saul). If the behavior of a superior being is indistinguishable from that of an ordinary human being, his existence would appear undecidable, or inherently unknowable. Consequently, Brams argues that keeping an open mind about the existence of a superior being is an appropriate theological stance.

A Course in Game Theory

Author: Martin J. Osborne
Publisher: MIT Press
ISBN: 0262650401
Release Date: 1994-07-12
Genre: Business & Economics

Presents the main ideas of game theory at a level suitable for graduate students and advanced undergraduates, emphasizing the theory's foundations and interpretations of its basic concepts.

Meaningful Games

Author: Robin Clark
Publisher: MIT Press
ISBN: 9780262297868
Release Date: 2011-11-18
Genre: Language Arts & Disciplines

In Meaningful Games, Robin Clark explains in an accessible manner the usefulness of game theory in thinking about a wide range of issues in linguistics. Clark argues that we use grammar strategically to signal our intended meanings: our choices as speaker are conditioned by what choices the hearer will make interpreting what we say. Game theory -- according to which the outcome of a decision depends on the choices of others -- provides a formal system that allows us to develop theories about the kind of decision making that is crucial to understanding linguistic behavior.Clark argues the only way to understand meaning is to grapple with its social nature -- that it is the social that gives content to our mental lives. Game theory gives us a framework for working out these ideas. The resulting theory of use will allow us to account for many aspects of linguistic meaning, and the grammar itself can be simplified. The results are nevertheless precise and subject to empirical testing.Meaningful Games offers an engaging and accessible introduction to game theory and the study of linguistic meaning. No knowledge of mathematics beyond simple algebra is required; formal definitions appear in special boxes outside the main text. The book includes an extended argument in favor of the social basis of meaning; a brief introduction to game theory, with a focus on coordination games and cooperation; discussions of common knowledge and games of partial information; models of games for pronouns and politeness; and the development of a system of social coordination of reference.

Frontiers of Game Theory

Author: K. G. Binmore
Publisher: MIT Press
ISBN: 0262023563
Release Date: 1993
Genre: Business & Economics

seventeen contributions reflecting the many diverse approaches in the field today

Evolutionary Game Theory

Author: Jörgen W. Weibull
Publisher: MIT Press
ISBN: 0262731215
Release Date: 1997
Genre: Mathematics

This text introduces current evolutionary game theory -- where ideas from evolutionary biology and rationalistic economics meet -- emphasizing the links between static and dynamic approaches and noncooperative game theory. Much of the text is devoted to the key concepts of evolutionary stability and replicator dynamics. The former highlights the role of mutations and the latter the mechanisms of selection. Moreover, set-valued static and dynamic stability concepts, as well as processes of social evolution, are discussed. Separate background chapters are devoted to noncooperative game theory and the theory of ordinary differential equations. There are examples throughout as well as individual chapter summaries. Because evolutionary game theory is a fast-moving field that is itself branching out and rapidly evolving, Jörgen Weibull has judiciously focused on clarifying and explaining core elements of the theory in an up-to-date, comprehensive, and self-contained treatment. The result is a text for second-year graduate students in economic theory, other social sciences, and evolutionary biology. The book goes beyond filling the gap between texts by Maynard-Smith and Hofbauer and Sigmund that are currently being used in the field. Evolutionary Game Theory will also serve as an introduction for those embarking on research in this area as well as a reference for those already familiar with the field. Weibull provides an overview of the developments that have taken place in this branch of game theory, discusses the mathematical tools needed to understand the area, describes both the motivation and intuition for the concepts involved, and explains why and how it is relevant to economics.

Logic in Games

Author: Johan van Benthem
Publisher: MIT Press
ISBN: 9780262019903
Release Date: 2014-01-24
Genre: Computers

A comprehensive examination of the interfaces of logic, computer science, and game theory, drawing on twenty years of research on logic and games.

Game Theory and the Humanities

Author: Steven J. Brams
Publisher: MIT Press
ISBN: 9780262294515
Release Date: 2012-08-24
Genre: Business & Economics

Game theory models are ubiquitous in economics, common in political science, and increasingly used in psychology and sociology; in evolutionary biology, they offer compelling explanations for competition in nature. But game theory has been only sporadically applied to the humanities; indeed, we almost never associate mathematical calculations of strategic choice with the worlds of literature, history, and philosophy. And yet, as Steven Brams shows, game theory can illuminate the rational choices made by characters in texts ranging from the Bible to Joseph Heller's Catch-22 and can explicate strategic questions in law, history, and philosophy. Much of Brams's analysis is based on the theory of moves (TOM), which is grounded in game theory, and which he develops gradually and applies systematically throughout. TOM illuminates the dynamics of player choices, including their misperceptions, deceptions, and uses of different kinds of power. Brams examines such topics as the outcome and payoff matrix of Pascal's wager on the existence of God; the strategic games played by presidents and Supreme Court justices; and how information was slowly uncovered in the game played by Hamlet and Claudius. The reader gains not just new insights into the actions of certain literary and historical characters but also a larger strategic perspective on the choices that make us human.

Biblical Games

Author: Steven J. Brams
Publisher: MIT Press
ISBN: 0262523329
Release Date: 1980
Genre: Mathematics

BACK IN PRINT with a new preface and a new chapter

A Primer on Auction Design Management and Strategy

Author: David J. Salant
Publisher: MIT Press
ISBN: 9780262028264
Release Date: 2014-12-26
Genre: Business & Economics

Auctions are highly structured market transactions primarily used in thin markets (markets with few participants and infrequent transactions). In auctions, unlike most other markets, offers and counteroffers are typically made within a structure defined by a set of rigid and comprehensive rules. Because auctions are essentially complex negotiations that occur within a fully defined and rigid set of rules, they can be analyzed by game theoretic models more accurately and completely than can most other types of market transactions.This book offers a guide for modeling, analyzing, and predicting the outcomes of auctions, focusing on the application of game theory and auction theory to real-world auction design and decision making. After a brief introduction to fundamental concepts from game theory, the book explains some of the more significant results from the auction theory literature, including the revenue (or payoff) equivalence theorem, the winner's curse, and optimal auction design. Chapters on auction practice follow, addressing collusion, competition, information disclosure, and other basic principles of auction management, with some discussion of auction experiments and simulations. Finally, the book covers auction experience, with most of the discussion centered on energy and telecommunications auctions, which have become the proving ground for many new auction designs. A clear and concise introduction to auctions, auction design, and auction strategy, this Primer will be an essential resource for students, researchers, and practitioners.

Game Theory in the Social Sciences

Author: Martin Shubik
Publisher: MIT Press (MA)
ISBN: STANFORD:36105001913982
Release Date: 1982
Genre: Game theory

This book by a recognized authority on game theory and its applications introduces social scientists in a variety of disciplines to this powerful methodology.

Games Businesses Play

Author: Pankaj Ghemawat
Publisher: MIT Press
ISBN: 0262071827
Release Date: 1997
Genre: Business & Economics

Game theory has come to dominate industrial organization economics, but business strategists continue to debate its usefulness. So far, empirical work on the application of game theory to business strategy has been too limited to force a consensus. As a (partial) remedy, Games Businesses Play uses detailed case studies of competitive interaction to explore the uses and limits of game theory as a tool for business strategists.Because they are analytical rather than descriptive, the case studies are not typical teaching cases. The cases are paired with customized game-theoretic models that cover a wide range of commitment decisions, from short-run commitments such as price to longer-run commitments such as capacity expansion and reduction, product and process innovation, and battles for market share. A variety of quantitative and qualitative techniques are used to test the models' predictions on case data. In addition the book sheds light on a number of other issues important to strategic management, including the resource-based view of the firm and the emergent theory of dynamic capabilities.