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Description
Content This module offers a comprehensive introduction to game theory which study interaction of many agents and their decisions. The discussion is accompanied with examples of interactions among governments and firms from business and politics. By effectively applying game theory, students will gain a clear understanding of the mechanisms behind social and economic issues, which are often obscured by ideological and emotional biases. However, the framework achieves this through high level of abstraction, employing rigorous mathematical logic. It can be challenging for detail-oriented thinkers. Indicative Topics The concepts of strategic interaction, strategic form games, games tree, sequential moves, simultaneous moves, Nash Equilibrium, dominance, mixed strategies, uncertainty/incomplete information, dynamic/evolutionary games and repeated games will be unfolded step by step.
Recommended Knowledge While this module does not have prerequisites, it does assume a sufficient grasp of algebra, probability, and combinatorics. You should know or be able to self-study concepts such as randomness, expected values, permutations, etc. As a field of mathematics, game theory requires the ability to prove solutions, demonstrating that the stated assumptions logically ensure the answer. Non-economic students are also expected to learn the basics of microeconomics.
Module deliveries for 2024/25 academic year
Last updated
This module description was last updated on 19th August 2024.
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