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Microeconomic Absolute Rationality - A Game Theoretical Approach
Member rating: No Rating | Words: | Submitted: Fri Jan 04 2002
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MICROECONOMIC ABSOLUTE RATIONALITY - A GAME THEORETICAL APPROACH "[...] we have but one choice: to take the world as a whole and make it the object of our game" -- Milan Kundera, "Immortality" Abstract This paper builds the necessary framework for analyzing some of the most frequent microeconomic problems from a game theoretical point of view. Revisiting such "classics" as price policy, R&D management, introducing innovation in a standardized world or the repercussions of negative externalities offers a very good starting point for introducing some of the fundamental concepts of game theory, in order just to let the reader realize the full potential of this paradigm in defining absolute rationality behavior patterns for all classes of microeconomic problems. 1. What is a "game" 1.1. An informal definition From a scientific point of view, a "game" is a metaphor for a wide range of human interactions where the outcome is the result of concurring if not opposite...
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