To think and act strategically, one needs to evaluate the effect of one's actions on the actions of others. As most economic decisions are strategic, such as the decision to lower a price or introduce a new tax, economics, if it is to avoid simplistic models, requires a theoretical framework capable of illuminating strategic behaviour. This unit offers a comprehensive, critical introduction to the theory which purports, not only to satisfy this theoretical need, but also potentially to unify the social sciences: game theory. After examining important concepts of game theory, the unit investigates the repercussions for the theory of bargaining and for the evolution of social institutions.
Unit details and rules
Academic unit | Economics |
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Credit points | 6 |
Prerequisites
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ECOS2001 or ECOS2901 |
Corequisites
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None |
Prohibitions
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ECOS3901 |
Assumed knowledge
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None |
Available to study abroad and exchange students | Yes |
Teaching staff
Coordinator | Jiemai Wu, jiemai.wu@sydney.edu.au |
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