Game theory and economic modelling
Loading...
Date
2019
Authors
Journal Title
Journal ISSN
Volume Title
Publisher
Oxford University Press
Abstract
"Game Theory and Economic Modelling" by David M. Kreps explores the foundational principles of game theory and its application in economic modeling. Kreps, a prominent economist, delves into how strategic interactions between rational decision-makers can be analyzed to understand various economic phenomena. The book covers key concepts such as Nash equilibrium, cooperative and non-cooperative games, and their implications for markets, bargaining, and competition. With clear and insightful explanations, Kreps provides a comprehensive framework that aids economists in formulating hypotheses, making predictions, and understanding the dynamics of complex economic systems through the lens of game theory.