Posts Tagged: Game

EC4004_2009 — No Comments
9
Oct 09

Economics for Business Lecture 9

Will the two prisoners cooperate, or will both...
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In this lecture we introduce game theory, following recap over the risk and insurance parts of the module we looked at last week. Game theory is the study of strategic interaction. In this lecture we looked at the history of game theory and the components of any game: players, strategies, and payoffs. We also discussed the first equilibrium concept we are going to see: the Nash equilibrium.

Let us look at a few games in normal and Iterated forms, and talk about solution methods for these games when talking about the Prisoner’s dilemma. Click below for lecture notes, links, and a podcast of the lecture.

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EC4004 — No Comments
16
Sep 08

EC4004, Ecs for Business, Lecture 2 Experiment Results

Twix bar Purchased March 2005 in Atlanta, GA, USA

Hello there, EC4004 students. This week we are all about the Law of Demand, Supply, and Elasticity. Get these wikipedia entries into you to prime yourselves for the lectures on Thursday and Friday.

Also, decide whether you like bubbles. That was meant to be cryptic, and you’ll find out how cryptic on Thursday. No more unvolunteering, please!

Here are the experimental results from Friday’s lecture. They answer the age old question, which has haunted man since ancient times: what happens when you give young men too many chocolate bars?

Diminishing Marginal Utility, that’s what.

Well done to the lads for volunteering. More like them, I say!

If you were at the lectures, take the survey and let me know how I did. 

 

Ec4004 Lecture2 Experiments

View SlideShare document or Upload your own. (tags: ec4004)

 

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