New Directions for Modelling Strategic Behavior: Game-Theoretic Models of Communication, Coordination, and Cooperation in Economic Relationships

Vincent Crawford

University of California at San Diego, Economics Working Paper Series from Department of Economics, UC San Diego

Abstract: In this paper, I discuss the state of progress in applications of game theory in economics and try to identify possible future developments that are likely to yield further progress. To keep the topic manageable, I focus on a canonical economic problem that is inherently game-theoretic, that of fostering efficient coordination and cooperation in relationships, with particular attention to the role of communication. I begin with an overview of noncooperative game theory's principal model of behavior, Nash equilibrium. I next discuss the alternative “thinking” and “learning” rationales for how real-world actors might reach equilibrium decisions. I then review how Nash equilibrium has been used to model coordination, communication, and cooperation in relationships, and discuss possible developments

Keywords: Economics; Applied Economics; Economic Theory; Basic Behavioral and Social Science; Behavioral and Social Science; Applied economics; Econometrics; Economic theory (search for similar items in EconPapers)
Date: 2016-11-01
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Citations: View citations in EconPapers (9)

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Journal Article: New Directions for Modelling Strategic Behavior: Game-Theoretic Models of Communication, Coordination, and Cooperation in Economic Relationships (2016)
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