Game Theory

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Video 1—Introduction to Game Theory—Prof. Jonathan Anomaly
Intro to Game Theory

This video introduces the basics of game theory and modeling strategic situations. Topics covered include: how to construct a payoff matrix to model a game, the concept of a Nash equilibrium, and the concept of Pareto improvements. Prof. Anomaly also gives brief examples of well-known games, such as a coordination game. Watch video …

Video 2—Coordination Games—Prof. Christopher Coyne

Prof. Coyne walks the viewer through a few examples of coordination games, with a payoff matrix for each: cars choosing what side of the road to drive on, technology adoption and the associated network effects, and the “battle of the sexes.” He then explains two potential mechanisms for helping to solve coordination problems: 1) formal standards, and 2) social conventions. Watch video …

Video 3—The Prisoner’s Dilemma—Prof. Christopher Coyne
Prisoner's Dilemma

Prof. Coyne explains the basic scenario of the most well-known game in game theory, “The Prisoner’s Dilemma.” He explains how the same scenario can be used to model a variety of situations, including an example from international relations, as well as outlining potential mechanisms that would incentivize players to cooperate and “escape” the prisoner’s dilemma. Watch video …

Video 4—Assurance Games—Prof. Jonathan Anomaly
Assurance Games

This video explains a common model in game theory known as an assurance game: a situation in which moving from one equilibrium to a much better one requires trust. Prof. Anomaly explains how an assurance game can be modeled with a payoff matrix, and points out the difference between games involving simultaneous choice and games involving sequential choice. Watch video …