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ECN 416: Week 1 Notes

by: Giuseppe Thum

ECN 416: Week 1 Notes ECN 416

Marketplace > Arizona State University > Economics > ECN 416 > ECN 416 Week 1 Notes
Giuseppe Thum
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About this Document

These notes cover the introductory lecture to the course. There is information about how the course is laid out, how the professor operates, and the beginning of the course content.
Game Theory & Economic Behavior
Dr. Pablo Schenone
Class Notes
Probability, objectivity, Observability, Choice, utility, Preferences




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This 3 page Class Notes was uploaded by Giuseppe Thum on Saturday August 20, 2016. The Class Notes belongs to ECN 416 at Arizona State University taught by Dr. Pablo Schenone in Fall 2016. Since its upload, it has received 11 views. For similar materials see Game Theory & Economic Behavior in Economics at Arizona State University.


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Date Created: 08/20/16
Lecture by Dr. Pablo Schenone - Thursday, August 18, 2016 There will be three sections to this course: 1. Economic behavior 2. Static games (simultaneous move) 3. Sequential games (non-simultaneous move) 4. Incomplete information games (if we have time) There will be three partial exams. Each graded 0-4. If you get 3.66+ on each one, final is optional. If not, drop one partial and take average of three left. If you bomb the final after opting in, it will be dropped. Office hours: Fridays from 4:00-6:00. He (the professor) says that college doesn't matter because of the content that you "learn" there. It matters because it shows that you have certain skills and qualities. The skills and qualities we should hone in this class:  Argumentation (ability to create and deliver cohesive, organized, logical, and well thought out arguments that are based on proofs)  Being on your own (your hand will not be held in the real world. You need to know how to give something your legitimate best shot, and then ask for help if you fail) Now, we begin with the content of the actual course. What is game theory, and why is it a thing? Why is it not just a part of micro?  Because in micro, quantities (decisions by individuals) are decided based on prices, and prices are not entities. In game theory, you are reacting (making a decision) to another individual who also has feelings and motivations.  Game theory creates an endless loop of possible reasons to change your decision. The things you are reacting to (logical agents) are fundamentally different than prices.  How? Prices have objectivity, and people do not. They also have observability, which often times other individuals' decisions will not (in simultaneous move games).  With agents that are not objective, using the probability of an event happening based on frequency of that event happening is not a valid thing to base beliefs regarding future outcomes upon.  Now we will start building a model of knowledge. We will do this by first starting by trying to get to know probability really well. We need to do this because of the nature of non-objective individuals.  We will marry models of probability and knowledge to understand game theory. So now, lets start building our model of probability with a definition. Definition (sounds complicated, will become more clear as the class goes on): a choice correspondence is a function c that maps 2^x into 2^x that satisfies c(b) is a subset of B for all B that are subsets of 2^x. The "holy trinity" of game theory  Preferences, choice correspondence, and utility. To get started, next class, we will explore the concrete ways in which preferences and choice correspondences are connected. Then we will study how preferences and utilities are connected. Finally, we will see how choice preferences and utility are connected.


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