Game Theory in Economics

Chapter 1, Introduction, The Use of Models

by Lloyd S. Shapley, Martin Shubik

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After a brief discussion of the nature of the game-theoretic approach to economics and an outline of the projected work as a whole, the bulk of this first chapter is given over to a discourse on the art of mathematical modeling in the social sciences. Among the topics touched upon are uncertainty, static vs. dynamic models, spatial and temporal boundaries, level of detail, and sensitivity analysis. In each instance, the special considerations entailed by the game-theoretic elements of the model are stressed.

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