Pennsylvania State University 3 credits ECON
Foundations of current research in game theory. ECON 534 Game Theory (3) This is an advanced graduate course in game theory and its applications to economics. The course content is mathematical in nature and emphasizes formal statements of key propositions and their proofs. It begins by presenting two alternative ways in which a game may be represented: the extensive (or tree) form and the strategic (or normal) form. The relationship between these two representations is studied and the key idea of a strategy is introduced. Pre-equilibrium notions of dominance, iterated dominance and rationalizability are studied. Nash's fundamental theorem on the existence of equilibrium in finite games is proved. Strategic form based refinements of Nash equilibrium, including perfect, proper and stable equilibria are considered. Extensive form based refinements, including subgame perfection and sequential equilibrium are also considered and compared. Harsanyi's conception of a game of incomplete information is introduced. Other subjects covered include repeated games and the folk theorem, bargaining, common knowledge. Additional topics of current interests may also be covered.
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