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Subject: Economics and Finance  Book Title: Game Theory and Economic Modelling
Game Theory and Economic Modelling Game Theory and Economic Modelling
Kreps, David M., Paul E. Holden Professor of Economics, Graduate School of Business, Stanford University
Print publication date: 1990
Published to Oxford Scholarship Online: November 2003
Print ISBN-13: 978-0-19-828381-2
doi:10.1093/0198283814.001.0001


 
Abstract: Beginning in the early to the mid-1970s, non-cooperative game theory became an important tool of economics. This book is based on a series of lectures given at Oxford, and comments on this use of non-cooperative game theory. After providing a non-technical introduction to the basic ideas of non-cooperative game theory, the book discusses: (1) how and why game theory has been a success—because it permits economists to model and analyse situations of dynamic competition and where private information plays an important role; (2) how and why the theory has failed—to provide an understanding of when it (and equilibrium analysis) applies, when not, and what to do when not; and (3) how its weaknesses might be addressed—by considering individuals who are imperfectly rational and learn adaptively.

Keywords: adaptive learning, bounded rationality, dynamic competition, informational economics, Nash equilibrium, non-cooperative game theory, private information, reciprocity
Table of Contents
1. Introduction
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2. The Standard
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3. Basic Notions of Non-Cooperative Game Theory
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4. The Successes of Game Theory
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5. The Problems of Game Theory
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6. Bounded Rationality and Retrospection
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Bibliography
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Index
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doi:10.1093/0198283814.001.0001



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