ECON 302 - Game Theory

Planned Offering: Spring. Offered when interest is expressed and departmental resources exist.
Prerequisites: MATH 101 or equivalent and ECON 210. This course abandons the assumptions of perfect competition. Buyers and sellers may be few; information may be privately held; property rights may poorly enforced; externalities abound and uncertainty is the rule. Game theory is a general framework for analyzing the messy world of strategic interactions. Standard solution concepts such as Nash Equilibrium, subgame perfection, and Bayesian equilibrium are introduced in the context of a broad array of microeconomic topics. These include auctions, bargaining, oligopoly, labor market signaling, public finance and insurance. Class time combines lectures, problem-solving workshops, and classroom experiments. Guse.