ECON 222 - Game Theory in Economics

Three Key Takeaways

  • Learned about the importance of access to information when making decisions. Decisions are often made with limited information. Studied both sequential and simultaneous games.

  • Learned about the relevance of probability and the irrationality of individuals. Individuals will pursue an outcome in their best interest unless given a compelling reason to do otherwise.

  • Studied the Prisoner’s Dilemma and Nash Equilibrium. Learned that acting in a collaborative manner often has benefits to both parties.

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