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ECONOMIC APPLICATIONS OF GAME THEORY
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ECONOMIC APPLICATIONS OF GAME THEORY
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Academic year 2022/2023
- Course ID
- SEM0081
- Teacher
- Dino Gerardi (Lecturer)
- Year
- 2nd year
- Teaching period
- First semester
- Type
- Related or integrative
- Credits/Recognition
- 6
- Course disciplinary sector (SSD)
- SECS-S/06 - mathematical methods of economy, finance and actuarial sciences
- Delivery
- Formal authority
- Language
- English
- Attendance
- Optional
- Type of examination
- Written
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Sommario del corso
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Course objectives
The course provides a mathematical treatment of choice under uncertainty and game theory. We will develop and solve formal models of strategic interactions among economic agents. We will consider several economic applications, such as imperfect competition, auctions, public goods and bargaining.
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Results of learning outcomes
The students will learn about strategic thinking and its implications. They are also expected to master all the tools presented during the course.
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Course delivery
The course consists of 48 lecture hours. The classes will cover the theory and several applications. We strongly encourage the students to attend the classes.
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Learning assessment methods
Closed-booked written exam (two hours).
The exam will consist of a few questions and/or problems. The mark assigned to each question/problem will depend on the level of difficulty.
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Program
I. Introduction.
II. Decision Theory.
Dominance, beliefs and "Never Weak Best Response" strategies.
III. Strategic Form Games
Dominance, Nash equilibrium, mixed strategies.
IV. Extensive Form Games
Corresponding strategic forms, behavioral strategies, backwards induction, subgame perfect equilibrium.
V. Games of Incomplete Information
Normal-form representation of static games of incomplete information, Bayesian Nash equilibrium, perfect Bayesian equilibrium.
VI. Repeated Games
Folk theorems.
VII. Mechanism Design
Design of the optimal auction, the revenue equivalence theorem.
Suggested readings and bibliography
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- Book
- Title:
- An Introduction to Game Theory
- Year of publication:
- 2003
- Publisher:
- Oxford University Press
- Author:
- Martin J. Osborne
- ISBN
- Required:
- No
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Class schedule
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