Transcription of Game Theory
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Game Theory
Game Theory Theodore L. TurocyTexas A&M UniversityBernhard von StengelLondon School of EconomicsCDAM Research Report LSE-CDAM-2001-09 October 8, 2001 Contents1 What is game Theory ?42 Definitions of games63 Dominance84 Nash equilibrium125 Mixed strategies176 Extensive games with perfect information227 Extensive games with imperfect information298 Zero-sum games and computation339 Bidding in auctions3410 Further reading38 This is the draft of an introductory survey of game Theory , prepared for theEncyclopedia of InformationSystems, Academic Press, to appear in inductionBackward induction is a technique to solve a game of perfect information. It first consid-ers the moves that are the last in the game, and determines the best move for the playerin each case. Then, taking these as given future actions, it proceeds backwards in time,again determining the best move for the respective player, until the beginning of the gameis knowledgeA fact is common knowledge if all players know it, and know that they all know it, andso on.
and established links with evolution and biology. Game theory received special attention in 1994 with the awarding of the Nobel prize in economics to Nash, John Harsanyi, and Reinhard Selten. At the end of the 1990s, a high-profile application of …
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