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Games, strategies, and decision making PDF

587 Pages·2009·4.236 MB·English
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This page intentionally left blank Games, Strategies, and Decision Making Joseph E. Harrington, Jr. Johns Hopkins University Worth Publishers Senior Publisher: Craig Bleyer Acquisitions Editor: Sarah Dorger Senior Marketing Manager: Scott Guile Market Research and Development: Steven Rigolosi Developmental Editor: Carol Pritchard-Martinez Consulting Editor: Paul Shensa Associate Editor: Matthew Driskill Photo Editor: Bianca Moscatelli Art Director: Babs Reingold Photo Researcher: Julie Tesser Senior Designer, Cover Designer: Kevin Kall Interior Designer: Lissi Sigillo Associate Managing Editor: Tracey Kuehn Project Editors: Dana Kasowitz Dennis Free, Aptara®, Inc. Production Manager: Barbara Anne Seixas Composition: Aptara®, Inc. Printing and Binding: RR Donnelley Library of Congress Control Number: 2008925817 ISBN-13: 978-0-7167-6630-8 ISBN-10: 0-7167-6630-2 © 2009 by Worth Publishers All rights reserved Printed in the United States of America First printing Worth Publishers 41 Madison Avenue New York, NY 10010 www.worthpublishers.com Games, Strategies, and Decision Making To Colleen and Grace, who as children taught me love, and who as teenagers taught me strategy. This page intentionally left blank Joseph E. Harrington, Jr., is Professor of Economics at Johns Hopkins University. He has served on various editorial boards, including those of the RAND Journal of Economics,Foundations and Trends in Microeconomics, and theSouthern Economic Journal. His research has appeared in top journals in a variety of disciplines, including economics (e.g., the American Economic Review,Journal of Political Economy, and Games and Economic Behavior), po- litical science (Economics and Politics, Public Choice), sociology (American Journal of Sociology), management science (Management Science), and psy- chology (Journal of Mathematical Psychology). He is a coauthor of Economics of Regulation and Antitrust,which is in its fourth edition. vi Brief Contents Preface . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .xv CHAPTER 1 Introduction to Strategic Reasoning . . . . . . . . . . . . . . . . . . . . . . . . . . . . .1 CHAPTER 2 Building a Model of a Strategic Situation . . . . . . . . . . . . . . . . . . .17 CHAPTER 3 Eliminating the Impossible: Solving a Game when Rationality Is Common Knowledge . . . . . . . . . . . . . . . . . . . . . . . . . . . . .55 CHAPTER 4 Stable Play: Nash Equilibria in Discrete Games with Two or Three Players . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .89 CHAPTER 5 Stable Play: Nash Equilibria in Discrete n-Player Games . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .117 CHAPTER 6 Stable Play: Nash Equilibria in Continuous Games . . .147 CHAPTER 7 Keep ’Em Guessing: Randomized Strategies . . . . . . . . . . . . . .181 CHAPTER 8 Taking Turns: Sequential Games with Perfect Information . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .219 CHAPTER 9 Taking Turns in the Dark: Sequential Games with Imperfect Information . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .255 vii CHAPTER 10 I Know Something You Don’t Know: Games with Private Information . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .291 CHAPTER 11 What You Do Tells Me Who You Are: Signaling Games . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .325 CHAPTER 12 Lies and the Lying Liars That Tell Them: Cheap Talk Games . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .359 CHAPTER 13 Playing Forever: Repeated Interaction with Infinitely Lived Players . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .391 CHAPTER 14 Cooperation and Reputation: Applications of Repeated Interaction with Infinitely Lived Players . . . . . . . . . . . . . . . . . . . .423 CHAPTER 15 Interaction in Infinitely Lived Institutions . . . . . . . . . . . . . . . . .451 CHAPTER 16 Evolutionary Game Theory and Biology: Evolutionarily Stable Strategies . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .479 CHAPTER 17 Evolutionary Game Theory and Biology: Replicator Dynamics . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .507 Answers to “Check Your Understanding” Questions . . . . . . . . . . . . . . . . . . . . . .S-1 Glossary . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .G-1 Index . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .I-1 viii BRIEF CONTENTS

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