Lecture9PoliSci274Feb23

Lecture9PoliSci274Feb23 - PoliSci 274 Lecture 9 Professor...

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PoliSci 274 Professor Scott Gehlbach Lecture 9 2/23//09 1) Game Theory a) Terms i) Best Response: best strategy (ies) given what other players are doing ii) Nash Equilibrium: when all players are playing best response iii) Network Effects iv) Dominant Strategy- Strategy that is always best no matter what the other players do v) Dominated Strategy- Some other strategy is always better no matter what other players do b) Game theory with assumptions of simultaneous independent decisions i) Examples (1) Opera vs Boxing Example ii) Why Nash Equilibrium (1) Repetition (Plays out) (2) Mediator (arbitrator decides for you) (3) Communication (decide together) (4) Focal Point (Thomas Schelling) (a) Example: Agree to meet friend in Manhattan Thursday at noon iii) Changing the example inserting random variables 2,1 0,0 0,0 1,2 Boxing Player 1 Opera Player 2 Opera Boxing A,B A>b NASH 0,0 A=B for Nash 0,0 A=B for Nash B, A B>A for Nash Boxing Player 1 Opera
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PoliSci 274 Professor Scott Gehlbach
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Lecture9PoliSci274Feb23 - PoliSci 274 Lecture 9 Professor...

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