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The subject provides a rigorous introduction to non-cooperative game theory and the economics of asymmetric information. The solution concepts covered include dominant strategies, as well as Nash, subgame perfect, Bayesian Nash and weak sequential equilibria.
Intended learning outcomes
On successful completion of this subject students should be able to:
- Model and solve strategic and extensive games with perfect or imperfect information;
- Recognise and critically evaluate the applications of game-theoretic models within economics;
- Use these analytical tools to understand situations where decision-makers interact.
High level of development: written communication; problem solving; team work; statistical reasoning; application of theory to practice; critical thinking; receptiveness to alternative ideas.
Moderate level of development: collaborative learning.
Last updated: 18 December 2020