Understanding Economics: Game Theory

Course Overview

Optimize your life with game theory—the study of how people make decisions. An award-winning teacher explains the basics.

Game theory studies strategic decision-making across various fields, particularly in economics. This course introduces you to game theory with 12 engaging lectures led by Professor Jay R. Corrigan of Kenyon College. You will analyze classic games like the prisoner’s dilemma and the hawk-dove game, exploring their applications in real-world situations. By the end of the course, you’ll gain valuable insights into how game theory can inform better decision-making in both personal and professional contexts.

Video Lectures

1. Game Theory Basics: The Prisoner’s Dilemma
   • Duration: 30 min
   • Introduction to game theory through the classic prisoner’s dilemma.

• Repeated Prisoner’s Dilemma Games
  • Duration: 30 min
  • Understanding how repeating interactions can change strategies.

3. The Game of Chicken
   • Duration: 28 min
   • Analyzing the strategic decisions in the game of chicken.

4. Reaching Consensus: Coordination Games
   • Duration: 29 min
   • Exploring how coordination games facilitate agreement among parties.

5. Run or Pass? Games with Mixed Strategies
   • Duration: 29 min
   • Application of mixed strategies in various scenarios, including sports.

6. Let’s Take Turns: Sequential-Move Games
   • Duration: 32 min
   • Strategies in sequential games and the ultimatum game.

7. When Backward Induction Works—and Doesn’t
   • Duration: 34 min
   • The usefulness and limitations of backward induction in strategy formulation.

8. Asymmetric Information in Poker and Life
   • Duration: 30 min
   • Examining the effects of information asymmetry on decision-making.

9. Divide and Conquer: Separating Equilibrium
   • Duration: 29 min
   • How to maintain distinct experiences in competitive markets.

• Going Once, Going Twice: Auctions as Games
  • Duration: 28 min
  • Strategies for navigating different types of auctions.

11. Hidden Auctions: Common Value and All-Pay
    • Duration: 30 min
    • Understanding common-value auctions and avoiding pitfalls.

12. Games with Continuous Strategies
    • Duration: 32 min
    • Applying calculus concepts to analyze strategies in continuous games.