18.3 Game Theory
MyEconLab Concept Video
Game theory is the tool that economists use to analyze strategic behavior—behavior that recognizes mutual interdependence and takes account of the expected behavior of others. John von Neumann invented game theory in 1937, and today it is a major research field in economics.
Game theory helps us to understand oligopoly and many other forms of economic, political, social, and even biological rivalries. We will begin our study of game theory and its application to the behavior of firms by thinking about familiar games that we ...
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