Game Theory in Practice

Game Theory in Practice

Game theory is the science of strategic decision making, i.e. decisions whose outcomes both affect and are affected by the decisions of multiple agents. Some examples include, negotiation and bargaining; market competition and pricing strategies; auctions and bidding; environmental agreements; common- pool resource dilemmas; voting systems and electoral behaviour.In this workshop we will use the Veconlab Experimental Economics Laboratory (http://veconlab.econ.virginia.edu/) to play and analyse some of the key ”games” studied by game theorists. Concepts covered: strategies, best response, equilibrium, cooperation, conflict, (in)efficiency, herding, and tragedy of the commons. Participants should bring a device that allows them to access the internet, read instructions, and select actions.