By Eric Rasmusen

Written in a crisp and approachable sort, video games and knowledge makes use of easy modelling thoughts and easy motives to supply scholars with an knowing of video game idea and data economics. The 3rd version brings the textual content completely updated. New issues contain expense discrimination, mechanism design,' and price uncertainty in auctions. different chapters were greatly reorganized or rewritten.

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In game theory, that set of prices would be the equilibrium outcome, but the equilibrium itself would be the strategy combination| the individuals' rules for buying and selling| that generated the outcome. " The di erence is not very important in most of the games that will appear in this chapter, but it is absolutely fundamental to thinking like a game theorist. Consider Germany's decision on whether to remilitarize the Rhineland in 1936. France adopted the strategy: Do not ght, and Germany responded by remilitarizing, leading to World War II a few years later.

7 there will not. Even if the players always took the same actions, this random move means that the model would yield more than just one prediction. We say that there are di erent realizations of a game depending on the results of random moves. 32 An action or move by player i, denoted ai ; is a choice he can make. Player i's action set, Ai = fai g, is the entire set of actions available to him. An action combination is an ordered set a = fai g; i = 1; : : : ; n of one action for each of the n players in the game.

If Jones might be confused about the payo s of the game, then the game actually being played out is not Dangerous Coordination, so it is not surprising that it gives poor predictions. The rules of the game ought to describe the probabilities that the players are confused, as well as the payo s if they take particular actions. 10 is the wrong model to use, and a more complicated game of incomplete information of the kind described in chapter 2 is more appropriate. Again, as with the Prisoner's Dilemma, the modeller's rst thought on nding that the model predicts an odd result should not be Game theory is bunk," but the more modest Maybe I'm not describing the situation correctly" or even Maybe I should not trust my `common sense' about what will happen".

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