TAILIEUCHUNG - Lecture Microeconomics: Theory and applications (12/e): Chapter 14 - Browning, Zupan

Chapter 14 - Game theory and the economics of information. In this chapter students will be able to: Understand the basics of game theory: a mathematical technique to study choice under conditions of strategic interaction; describe the prisoner’s dilemma and its applicability to oligopoly theory as well as many other situations; show how limited price information affects price dispersion for a product;. | MICROECONOMICS: Theory & Applications By Edgar K. Browning & Mark A. Zupan John Wiley & Sons, Inc. 12th Edition, Copyright 2015 Chapter 14: Game Theory and the Economics of Information Prepared by Dr. Della Lee Sue, Marist College Learning Objectives Understand the basics of game theory: a mathematical technique to study choice under conditions of strategic interaction. Describe the prisoner’s dilemma and its applicability to oligopoly theory as well as many other situations. Explore how the outcome in the case of a prisoner’s dilemma differs in a repeated-game versus a single-period setting. Analyze asymmetric information and market outcomes in the case where consumers have less information than sellers. (continued) Learning Objectives (continued) Explain how insurance markets may function when information is imperfect and there is the possibility of either adverse selection or moral hazard. Show how limited price information affects price dispersion for a product. Investigate .

• Kinh tế học
• Microeconomics theory
• Microeconomics applications
• Lecture Microeconomics
• Kinh tế vĩ mô
• Game theory
• Economics of information
• Scope of microeconomic theory
• Normative analyses
• Consumer choice
• Theory of consumer choice
• Consumer choice theory
• Excise subsidies
• Demand curves
• Supply curves
• Consumption choices
• Substitution effects
• Economic efficiency
• Competitive equilibrium
• Relating output to inputs
• Empirical estimation
• Cost of production
• Shortrun cost
• Profit maximization
• Perfectly competitive markets
• Competitive model
• Excise taxation
• Monopolist’s demand
• Marginal revenue curves
• Product pricing
• Monopoly power