Lectures in Microeconomics-Charles W. Upton Game Theory.

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Presentation transcript:

Lectures in Microeconomics-Charles W. Upton Game Theory

Developed along with expected utility model Applicable to many duopoly situations

Game Theory The Basic Idea Consider a simple game “odds or evens”

Game Theory The Basic Idea Consider a simple game “odds or evens” Has the two key elements: –Strategies –Payoff Matrix

Game Theory Odds or Evens

Game Theory Odds or Evens

Game Theory Odds or Evens

Game Theory The Prisoner’s Dilemma

Game Theory The Prisoner’s Dilemma

Game Theory The Prisoner’s Dilemma

Game Theory The Prisoner’s Dilemma

Game Theory The Prisoner’s Dilemma

Game Theory The Prisoner’s Dilemma

Game Theory The Prisoner’s Dilemma

Game Theory How much to Produce

Game Theory How much to Produce

Game Theory How much to Produce

Game Theory How much to Produce Cooperative Strategy

Game Theory How much to Produce Dominant Strategy Nash Equilibrium

Game Theory End ©2005 Charles W. Upton