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\nIntroduction to Game Theory in Economics: Understanding Strategic Interactions and Rational Decision Making\n

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\nIn this video lecture, the speaker introduces the basic concepts of game theory and why it is important in economics. He uses the game of chess to explain the importance of strategy and decision-making. The video discusses the three...\nIn this video lecture, the speaker introduces the basic concepts of game theory and why it is important in economics. He uses the game of chess to explain the importance of strategy and decision-making. The video discusses the three economic agents in game theory, i.e. consumers, firms, and governments, and provides examples of how game theory can be used to understand their interactions. The speaker also explains the four main areas that need to be considered in any particular game, i.e. players, rules, outcomes, and payoffs. The video concludes by discussing the two crucial fundamental assumptions in game theory, i.e. rationality and common knowledge.\n
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Resource Details

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Curator Rating
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Educator Rating
Not yet Rated
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Media Length
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11:16
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Grade
12th - Higher Ed
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Subjects
Social Studies & History
3 more...
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Media Type
Instructional Videos
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Source:
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\nKnowMo Economics\n\n
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Date
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2018
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Language
English
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Audiences
For Teacher Use
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Usage Permissions
Fine Print: Educational Use
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Additional Materials

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\" data-title=\"Get Full Access\" data-container=\"body\" rel=\"popover\" tabindex=\"0\" href=\"/subscription/new\">Video Transcript\n
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Concepts

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economics, markets, game theory, chess, rules, film, consumers
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Additional Tags

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a-level, lectures, micro, imperfectly, compeitive, 7.4a, game, theory, (basic, concepts), basic concepts, mathematical models, economic agents, maximization principle, individual player, long term, strategic interactions, strategy involved, term, strategy, interactions, individuals, making, essentially, country, implement, actions, situations, potentially, information, games, important, move, players
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Classroom Considerations

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Best For: Explaining a topic
Video is ad-free
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Educator Ratings

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\n\" data-title=\"Get Full Access\" data-container=\"body\" rel=\"popover\" tabindex=\"0\" aria-label=\"Play video: Introduction to Game Theory in Economics: Understanding Strategic Interactions and Rational Decision Making\" href=\"/subscription/new\">\"Introduction\n\n
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