Cover: Game Theory in Economics

Game Theory in Economics

Chapter 3, The Rules of the Game

Published 1972

by Lloyd S. Shapley, Martin Shubik


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An overview of the concepts, methods, and formal models that are used in game theory to describe the possible courses of action in a multiperson competitive situation. Among the topics considered are the extensive and strategic forms of a game; Kuhn trees; information sets; pure, mixed, and behavior strategies; recurrent positions; stochastic games; duels; differential games; matrix representations; games on the square; and nonnumerical payoffs. This chapter includes many simple examples and an extensive bibliography.

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