Game Theory and Economic Applications

Instructor: Ryan Fang

Course Description:

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Economic theory traditionally viewed the market as a closed system, which takes as input the preferences of the individual economic agents and generate a price that equalizes demand and supply. In particular, the decision-making by individuals is
much simplified. The modern approach treats the market as an institution, in which participating individuals, when making their own choices, take into consideration of not only the choices made by other individuals but also the influence their own
choices might have on others’ decisions. Game Theory is the analytical tool that underpins this later approach.
In this course, you will be introduced to models of static and dynamic strategic interactions among individuals (i.e., strategic and extensive games) with perfect and imperfect information. You will learn about the formal representation of such
models and the ways to solve them (i.e., the solution concepts). Emphasis will be placed on the application of these models to the analysis various economic problems.

Main Text:
Osborne, Martin J.: An Introduction to Game Theory, Oxford University Press (2003).

Supplementary Reading:
Watson, Joel: Strategy: An Introduction to Game Theory (3rd Edition), W. W. Norton &
Company Inc. (2013).