Document Type
Student Presentation
Presentation Date
12-1-2020
Faculty Mentor
Dr. Marion Scheepers
Abstract
Game theory is one of the major fields of mathematics. Game theory is the study of how games, their players, and players’ strategies are defined, and how the games might play out. The outcomes of games are ultimately based on decisions, much like in the science of economics. Economics analyzes how scarce resources are to be allocated to suit unlimited needs. Every decision has an economic cost, and every decision has a utility value (utility being a quantitative measure of usefulness). Economics and game theory go hand in hand: Both analyze the effects of decisions and the rules imposed on making those decisions. In this poster, several areas of economics that relate to game theory are explored, as well as their implications for how economic agents behave. Topics covered include duopoly theory, voting and preferences, cartels, economic organizations, Pareto optimality, Nash Equilibrium, and Final Offer Arbitration.