Affiliation:
1. Vincent P. Crawford is Drummond Professor of Political Economy, University of Oxford, and Fellow of All Souls College, Oxford, England. He is also Distinguished Professor Emeritus and Research Professor, University of California, San Diego, La Jolla, California. His email address is
Abstract
In this paper, I discuss the state of progress in applications of game theory in economics and try to identify possible future developments that are likely to yield further progress. To keep the topic manageable, I focus on a canonical economic problem that is inherently game-theoretic, that of fostering efficient coordination and cooperation in relationships, with particular attention to the role of communication. I begin with an overview of noncooperative game theory's principal model of behavior, Nash equilibrium. I next discuss the alternative “thinking” and “learning” rationales for how real-world actors might reach equilibrium decisions. I then review how Nash equilibrium has been used to model coordination, communication, and cooperation in relationships, and discuss possible developments
Publisher
American Economic Association
Subject
Economics and Econometrics,Economics and Econometrics
Cited by
14 articles.
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