Game theory: Noncooperative games

E.E.C. van Damme

doi:10.1016/B978-0-08-097086-8.71048-8

Game theory: Noncooperative games

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Abstract

We describe noncooperative game models and discuss game theoretic solution concepts. Some applications are also noted. Conventional theory focuses on the question ‘how will rational players play?’, and has the Nash equilibrium at its core. We discuss this concept and its interpretations, as well as refinements (perfect and stable equilibria) and relaxations (rationalizability and correlated equilibria). Motivated by experiments that show systematic theory violations, behavioral game theory aims to integrate insights from psychology to get better answers to the question ‘how do humans play?’. We provide an overview of the observed regularities and briefly sketch (beginnings of) theories of boundedly rational play.

Original language	English
Title of host publication	International Encyclopedia of the Social & Behavioral Sciences
Editors	J. Wright
Place of Publication	Oxford
Publisher	Elsevier
Pages	582-591
Number of pages	11
Volume	9
Edition	2nd
ISBN (Print)	9780080970868
DOIs	https://doi.org/10.1016/B978-0-08-097086-8.71048-8
Publication status	Published - 2015

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AB - We describe noncooperative game models and discuss game theoretic solution concepts. Some applications are also noted. Conventional theory focuses on the question ‘how will rational players play?’, and has the Nash equilibrium at its core. We discuss this concept and its interpretations, as well as refinements (perfect and stable equilibria) and relaxations (rationalizability and correlated equilibria). Motivated by experiments that show systematic theory violations, behavioral game theory aims to integrate insights from psychology to get better answers to the question ‘how do humans play?’. We provide an overview of the observed regularities and briefly sketch (beginnings of) theories of boundedly rational play.

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ER -

Game theory: Noncooperative games

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