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BL
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| Record Number
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844049
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| Main Entry
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Webster, Thomas J.
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| Title & Author
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Introduction to Game Theory in Business and Economics.
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| Publication Statement
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Milton :: Routledge,, 2018.
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| Page. NO
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1 online resource (425 pages)
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| ISBN
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1315497247
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: 9781315497242
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| Notes
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Monopoly and Game Theory.
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| Contents
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Cover; Title; Copyright; Contents; Acknowledgments; A Note to Students and Instructors; 1. Introduction to Game Theory; Introduction; A Short History of Game Theory; Strategic Behavior; Case Study 1.1: Glaxo and Zantac; What Is Game Theory?; The Prisoner's Dilemma; Shortcut for Finding Pure-Strategy Nash Equilibria; Appendix: Mathematics Review; 2. Noncooperative, One-Time, Static Games with Complete Information; Introduction; Strictly Dominant Strategies; Application 2.1: Run with the Pitch; Application 2.2: Indiana Jones and the Last Crusade; Application 2.3: The Good, the Bad and the Ugly.
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4. Infinitely Repeated, Static Games with Complete InformationIntroduction; Case Study 4.1: Extra-Credit Game Part I; Collusion; The Prisoner's Dilemma Revisited; Trigger Strategies; Evaluating Payoffs in Infinitely Repeated Games; Cheating Rule for Infinitely Repeated Games; Making Threats Credible; Application 4.1: The Hunt for Red October; Application 4.2: Fail-Safe; Determinants of Business Collusion; 5. Finitely Repeated, Static Games with Complete Information; Introduction; Finitely Repeated Games with a Certain End; End-of-Game Problem; Case Study 5.1: Extra-Credit Game Part II.
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Case Study 7.1: The Global Carbon TaxShifting Reaction Functions; 8. Imperfect Competition; Introduction; Market Structure; Oligopoly; Models of Oligopoly; Case Study 8.1: Cournot-Nash Equilibrium in the Corn Wet Milling Industry; Case Study 8.2: The OPEC Price-Fixing Cartel; Case Study 8.3: Blood Diamonds; 9. Perfect Competition and Monopoly; Introduction; Standard Model of Perfect Competition; Perfect Competition and Game Theory; Perfect Competition and the Cournot Model; How Many Firms Are Necessary for Perfect Competition?; Standard Model of Monopoly; Sources of Monopoly Power.
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Finitely Repeated Games with an Uncertain EndApplication 5.1: Groundhog Day; Cheating Rule for Finitely Repeated Games with an Uncertain End; Common Enforcement Mechanisms; Case Study 5.2: Philip Morris Versus BAT; 6. Mixing Pure Strategies; Introduction; Zero-Sum Games; Minimax Theorem; Mixed Strategies; Optimal Mixing Rules; Computing Optimal Mixing Rules; When to Use Optimal Mixing Rules; Randomizing Pure Strategies; Bluffing; 7. Static Games with Continuous Strategies; Introduction; Continuous Strategies; Reaction (Best Response) Functions; Tragedy of the Commons; The Coase Theorem.
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Nash EquilibriumStrictly Dominant Strategy Equilibrium; Weakly Dominant Strategies; Iterated Elimination of Strictly Dominated Strategies; Three-Player Games; Nondominant Strategies; Application 2.4: A Beautiful Mind; Maximin Decision Rule; Minimax Regret Decision Rule; 3. Focal-Point and Evolutionary Equilibria; Introduction; Multiple Nash Equilibria; Focal-Point Equilibrium; Developing a Theory of Focal-Point Equilibria; Framing; Case Study 3.1: AZT Versus Videx; Evolutionary Game Theory; Case Study 3.2: Evolutionary Equilibrium in Broadband Technology?
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| Abstract
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Game theory is the study of strategic behavior in situations in which the decision makers are aware of the interdependence of their actions. This innovative textbook introduces students to the most basic principles of game theory - move and countermove - with an emphasis on real-world business and economic applications. Students with a background in principles of economics and business mathematics can readily understand most of the material. Demonstration problems in each chapter are designed to enhance the student's understanding of the concepts presented in the text. Many chapters include non-technical applications designed to further the student's intuitive understanding of strategic behavior. Case studies help underscore the usefulness of game theory for analyzing real-world situations. Each chapter concludes with a review and questions and exercises. An online Instructor's Manual with test bank is available to professors who adopt the text.
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| Subject
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Economics-- Psychological aspects.
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Game theory.
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Strategic planning.
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BUSINESS ECONOMICS-- Money Monetary Policy.
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Economics-- Psychological aspects.
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Game theory.
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| Subject
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Strategic planning.
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| Dewey Classification
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330.01/5193
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| LC Classification
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HB144
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