Undergraduate Course: Economics of Strategic Behaviour 1 (ECNM10032)
Course Outline
| School | School of Economics |
College | College of Arts, Humanities and Social Sciences |
| Credit level (Normal year taken) | SCQF Level 10 (Year 4 Undergraduate) |
Availability | Available to all students |
| SCQF Credits | 20 |
ECTS Credits | 10 |
| Summary | The course reviews the game theoretic analysis of interactive decision-making, covering static and dynamic games with complete information, and static games with incomplete information. The basic concepts developed include: Nash equilibrium; dominant strategies; mixed strategies; games in extensive form; subgame perfection; timing & commitment. The concepts are illustrated by applications, such as: Cournot oligopoly; the "tragedy of the commons"; tennis; bargaining; policy credibility. |
| Course description |
This course is concerned with the analysis of economic problems that involve strategic interaction. The principal tool in this analysis will be the theory of games. The purpose of this course is to introduce the basic concepts of game theory and show how they can be of use in the analysis of economic problems and policy issues.
Topics covered include:
Static games with complete information, Basic concepts. Nash equilibrium. Dominant strategies. Mixed strategies. Examples: Cournot, "tragedy of the commons", tennis.
Dynamic games with complete information: Games in extensive form. Subgame perfection. Timing, commitment. Examples: policy credibility, repeated games.
Additional Topics: evolutionary game theory, matching
The course is taught through a programme of lectures and tutorials. Learning-by-doing, through problem solving and discussion of exercise sets, is an important ingredient of the course.
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Entry Requirements (not applicable to Visiting Students)
| Pre-requisites |
Students MUST have passed:
Topics in Microeconomics (ECNM10070)
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Co-requisites | |
| Prohibited Combinations | |
Other requirements | None |
Information for Visiting Students
| Pre-requisites | Visiting students must have an equivalent of at least 4 semester-long Economics courses at grade B or above for entry to this course. This MUST INCLUDE courses in Intermediate Macroeconomics (with calculus); Intermediate Microeconomics (with calculus); Probability and Statistics; and Introductory Econometrics. If macroeconomics and microeconomics courses are not calculus-based, then, in addition, Calculus (or Mathematics for Economics) is required. |
| High Demand Course? |
Yes |
Course Delivery Information
| Not being delivered |
Learning Outcomes
On completion of this course, the student will be able to:
- A broad knowledge and understanding of key principles of static and dynamic game theory in a complete information setting, the importance of timing, commitment and credibility associated mathematical and statistical techniques, along with applications and policy implications of those models and a deeper understanding of recent research activity in some more specialised areas.
- Research and investigative skills such as problem framing and solving and the ability to assemble and evaluate complex evidence and arguments.
- Communication skills in order to critique, create and communicate understanding.
- Personal effectiveness through task-management, time-management, dealing with uncertainty and adapting to new situations, personal and intellectual autonomy through independent learning.
- Practical/technical skills such as, modelling skills (abstraction, logic, succinctness), qualitative and quantitative analysis.
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Reading List
| Steven Tadelis, Game Theory: An Introduction. |
Additional Information
| Graduate Attributes and Skills |
See Learning Outcomes |
| Additional Class Delivery Information |
10 x 2 hour lectures, plus 4 x 1 hour whole class tutorials. |
| Keywords | ESB1 |
Contacts
| Course organiser | Dr Ed Hopkins
Tel: (0131 6)50 3061
Email: Ed.Hopkins@ed.ac.uk |
Course secretary | Mr Daniel Harrington
Tel: (0131 6)51 5936
Email: dan.harrington@ed.ac.uk |
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