Fall 2024  |  ECON 3960 Section 001: Topics in Economics -- Games and Strategies (32187)

Instructor(s)
Class Component:
Lecture
Credits:
3 Credits
Grading Basis:
A-F only
Instructor Consent:
No Special Consent Required
Instruction Mode:
In Person
Class Attributes:
Topics Course
Enrollment Requirements:
Econ 1101 or Econ 1165 or equivalent
Times and Locations:
Regular Academic Session
 
09/03/2024 - 12/11/2024
Mon, Wed 01:00PM - 02:15PM
UMTC, West Bank
Blegen Hall 250
Enrollment Status:
Open (32 of 70 seats filled)
Also Offered:
Course Catalog Description:
Topics specified in class schedule. prereq: ECON 1101 or ECON 1165 or equivalent
Class Notes:
In making decisions, one cannot ignore the actions of others in several situations. The fact is that most real-world decisions are not made in isolation but involve interaction with others. Hence, in deciding how to act optimally, each economic agent needs to consider how others are likely to act as well. Game theory is a discipline that provides a methodology and set of concepts for modeling and analyzing interactive decisions among multiple agents. We will learn how to use game theory to study situations involving strategic interactions with potential conflict and cooperation i.e., situations where the eventual outcome predictions depend not just on your decision and chance, but on the actions of others as well. Game theory has a wide range of applications in economics (industrial organization, auctions, market design, political economy, etc.), political science, computer science, law, international relations, sports, politics, business, etc. The basic definitions, concepts, and equilibrium notions will be discussed in detail. At the same time, much of the course will be devoted to using game theory to understand applications in economics and related fields. At the end of the course, the aim is to develop an understanding of what constitutes a good game theoretical model for addressing an economic question.
Class Description:
Student may contact the instructor or department for information.
Textbooks:
https://bookstores.umn.edu/course-lookup/32187/1249

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