Game Theory and Economic Modelling

Paperback | October 1, 1990

byDavid M. Kreps

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Over the past two decades, academic economics has undergone a mild revolution in methodology. The language, concepts and techniques of noncooperative game theory have become central to the discipline. This book provides the reader with some basic concepts from noncooperative theory, and then goes on to explore the strengths, weaknesses, and future of the theory as a tool of economic modelling and analysis. The central theses are that noncooperative game theory has been a remarkably popular toolin economics over the past decade because it allows analysts to capture essential features of dynamic competition and competition where some parties have proprietary information. The theory is weakest in providing a sense of when it - and equilibrium analysis in particular - can be applied and whatto do when equilibrium analysis is inappropriate. Many of these weaknesses can be addressed by the consideration of individuals who are boundedly rational and learn imperfectly from the past. Written in a non-technical style and working by analogy, the book, first given as part of the Clarendon Lectures in Economics, is readily accessible to a broad audience and will be of interest to economists and students alike. Knowledge of game theory is not required as the concepts are developedas the book progresses.

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Over the past two decades, academic economics has undergone a mild revolution in methodology. The language, concepts and techniques of noncooperative game theory have become central to the discipline. This book provides the reader with some basic concepts from noncooperative theory, and then goes on to explore the strengths, weakness...

David M. Kreps is at Stanford University.

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Format:PaperbackDimensions:208 pages, 8.5 × 5.43 × 0.63 inPublished:October 1, 1990Publisher:Oxford University Press

The following ISBNs are associated with this title:

ISBN - 10:0198283814

ISBN - 13:9780198283812

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Table of Contents

Introduction1. The standard2. Basic notions of noncooperative game theory3. The successes of game theory4. The problems of game theory5. Bounded rationality and retrospectionBibliographyIndex

Editorial Reviews

'Kreps has written a book that makes a sincere attempt to demystify game theory for the uninitiated and set the stage for a serious appraisal of the scope and limitations of game theory ... it does manage to convey a flavour of the excitement that comes from grappling with strategic behaviour,and hopefully should convince the reader with an open mind that game theoretic questions and applications are abstractions of relevant economic issues.'Anindya Sen, Economic and Political Weekly, Vol XXVII No 14 April 4, 1992