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Game Theory
Game theory is a branch of mathematics that deals with decision-making in situations where multiple parties have conflicting interests. It involves analyzing the behavior of rational individuals and groups in strategic situations, where the outcomes depend not only on their own choices, but also on the choices of others. Game theory has applications in a wide range of fields, including economics, political science, psychology, and biology.
One of the key concepts in game theory is the Nash equilibrium, which is a state in which each player chooses their best strategy, given the strategies chosen by the other players. Another important concept is the prisoner's dilemma, which is a game in which two individuals can either cooperate or defect, and the outcome depends on the choices of both parties. Game theorists also study zero-sum games, where the gains of one player equal the losses of the other, and non-zero-sum games, where the gains of one player do not necessarily equal the losses of the other.
Game theory has many practical applications, such as in designing auctions, negotiating contracts, and making strategic business decisions. It is also used in military and political strategy, where understanding the behavior of other actors is crucial for making informed decisions. Despite its usefulness, game theory has been criticized for its reliance on the assumption of rationality and the limited scope of its models.
6 Courses
Applied Game Theory in Politics
10 unitsThis course will introduce students to the concept of game theory and how it applies to political decision-making. Students will learn how to use game theory to analyze political scenarios and predict outcomes.
Auctions and Mechanism Design in Game Theory
10 unitsThis course provides a comprehensive introduction to auctions and mechanism design in game theory, covering various types of auctions and their applications in real-world scenarios. Students will also learn about mechanism design, which involves designing mechanisms that incentivize players to act in a desired way.
Cooperative Games in Game Theory
10 unitsThis guided study course introduces the basics of cooperative games in game theory, including examples of cooperative games, cooperative game theory concepts and applications, and various solution concepts to assess cooperative games.
Introduction to Game Theory
10 unitsThis course is designed to introduce the basic concepts of game theory to students with no prior knowledge of the subject. Game theory is the study of strategic decision making and provides a framework for understanding how individuals and organizations interact with each other.
Introduction to Repeated Games in Game Theory
10 unitsThis guided study course will provide an introduction to repeated games in game theory, including the concepts of Nash equilibrium, cooperative and non-cooperative games, and strategies for repeated games. Students will gain an understanding of how repeated interactions between players can impact their behavior and decision-making.
Mixed Strategies in Game Theory
10 unitsThis course will provide an introduction to mixed strategies in game theory, including how to calculate and interpret them. We will explore various examples and applications of mixed strategies in different types of games.
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