How can i use game theory to set up a game designed to help a consumer decide whether to buy life insurance or not (assuming the life insurance being considered is term life, ie insurance without an accumulating investment. Personal statement alex dickson is a senior lecturer in the department of economics at the university of strathclyde, where he has been a member of the faculty since 2008. Personal statement name: qu xi apply for academic job in economics my interest in economics and econometrics my interest in numbers started with a favorite game of playing cards since my. Game theory is used in a variety of fields such as political science, sociology, etc, not just economics in fact, its roots are in applied mathematics it was first developed by john von neumann in a series of papers in the 1920's and 1930's.
Economics personal statement surrounded by an-ever changing economic environment, i remember asking my father what exchange rates were in return, when presented with an analogy of supply and demand that involved an array of farmyard animals, little did i appreciate that i had come across the basis for economics. Joel watson is a professor in the economics department at the university of california, san diego his research examines how contractual relationships are formed and managed, as well as the role of institutions in facilitating contracts and enforcement, using game-theoretic models. Game theory is the study of multi-person decision problems the focus of game theory is interdependence, situations in which an entire group of people is a ected by the choices made by every individual within that. Game theory can be used in a number of fields, including business, finance, economics, political science and psychology.
Game theory through examples, erich prisner geometry from africa: mathematicalandeducational explorations,paulus gerdes historical modules for the teaching and learning of mathematics (cd), edited by victor katz and karen. One of the best ways to discover your particular passion in the field of economics is to read a range of books this list, while by no means an exhaustive study of the best economic texts, contains a mix of classic and contemporary works that will give you a historical understanding of economics as well as an idea of how modern economics are applied today. Game theory concepts have become hugely important in economics and whilst there are limits to how far analysis can stretch, making use of some of the core ideas can add greatly to your evaluation and analysis marks in the summer papers the prisoner's dilemma can be applied to the tragedy of the.
What use is economic theory hal r varian why is economic theory a worthwhile thing to do there can be many answers to this question one obvious answer is that it is a challenging intellectual enterprise and. Game theory game theory is widely regarded as having its origins in the mid-nineteenth century with the publication in 1838 of augustin cournot's researches into the mathematical principles of the theory of wealth, in which he attempted to explain the underlying rules governing the behaviour of duopolists. Welcome to the department of economics economics studies the institutions and arrangements that are used to create, protect, and allocate scarce resources that have alternative uses it advances our understanding of the behavior of individuals, firms, governments and other organizations. Whether you major or minor in economics, you will learn the general principles of economics, microeconomic and macroeconomic theory, statistics and econometrics, with an emphasis on analytic and quantitative approaches. The nash equilibrium is an important concept in economics, especially in the field of game theory in this lesson, we will learn about the nash equilibrium and follow up with a quiz.
The economic way of thinking stresses that: a changes in personal costs and benefits generally fail to exert much impact on behavior b incentives matter--individuals respond in predictable ways to changes in personal costs and benefits. Economic theory provides an outlet for research in all areas of economics based on rigorous theoretical reasoning and on topics in mathematics that are supported by the analysis of economic problems published articles contribute to the understanding and solution of substantive economic problems. Economics-gamescom is a free educational games site for teaching microeconomics, industrial organization and game theory choose the game you want to run, enter the number of players and that's it: you just have to communicate their logins to your students and have them connect to the site with their phones, tablets or laptops.
Game theory - 14 cards game theory - 20 cards personal economics - 12 cards personal finance - 161 cards personal finance - 21 cards personal finance - 38 cards. Game theory is the study of mathematical models of strategic interaction between rational decision-makers it has applications in all fields of social science, as well as in logic and computer science. Game theory is the study of how and why people make decisions (specifically, it is the study of mathematical models of conflict and cooperation between intelligent rational decision-makers.
Game theory a threat or promise is only credible if it is in that player's interest to carry it out at the appropriate time in this sense some of firm b's statements are not credible. 4 29 an introduction to game theory, in studies in mathematical economics, edited by s reiter, mathematical association of america (1986), 1-61.
Game theory is the theory of the mathematical modeling of optimal decision making under conditions of conflict since the opponents involved in most conflicts are interested in hiding their intentions from each other, decisions making is usually taking place under conditions of uncertainty. Mathematics and economics personal statement every day we make decisions and interact with others the laws of economics help us make rational choices and consider the irrationality of others, as well as understand the world better. V1 ew june 2015 page 2 example of personal statement (economics and maths) given the current economic climate, this combined course holds tremendous interest for me.