Micro-economics Game Theory

Paper Summary:

Economists analyze strategic behavior in oligopoly theory by the use of a spectrum of models ranging from the static to the currently more popular and most recent game--theoretical models. This paper shows, however, that it's important to distinguish models or strategic behavior from traditional static models of oligopoly. Moreover, it becomes useful to present a number of strategic game theory models and particularly those incorporating strategic commitment to gain an appreciation for precisely how economists analyze strategic behavior.

Paper Outline:
Thesis Statement
A Brief Historic Overview
The Courtnet Framework
The Stackelberg Model'
Game Theory - Pros and Cons
Irrevocable Commitment
Asymmetric Information
Bibliography

From the Paper:

"Game theory has generated a great deal of interest in oligopoly although it has not risen to prominence without controversy. Its detractors argue that game theory has made little contribution to our understanding of oligopoly behavior and it has been likened to the study of Latin. Quoting Fisher, "Latin, like game theory might not be interesting for its own sake but that studying it helps to systematize the way one thinks about language." Fisher also accuses theorists of dealing with every problem in game-theoretic terms including problems that are easier to deal with in other forms."

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