Wikipedia is a good source for Game Theory
- Economic Experiments
- like going to dinner at a cannibal’s house
- you are part of the experiments, one of the economic agents
- in real experiments we use real money
- Trading Pit
- what is a Strategic Situations
- Equilibrium
- cooperative game theory vs non-cooperate game theory
- cooperative games are not part of this specialization
- cooperative games … contracts outside of rules of the game
- Games
Experiments
- Experiment 1 GT1 and Experiment 2 and 3 GT1
- goal of experiments:
- Incentives drive prices to market equilibrium
- market equilibrium does not need to be known by the players