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A Course in Microeconomic Theory$
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David M. Kreps

Print publication date: 2020

Print ISBN-13: 9780691202754

Published to Princeton Scholarship Online: May 2021

DOI: 10.23943/princeton/9780691202754.001.0001

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Solution concepts for noncooperative games

Solution concepts for noncooperative games

Chapter:
(p.387) Chapter Twelve Solution concepts for noncooperative games
Source:
A Course in Microeconomic Theory
Author(s):

David M. Kreps

Publisher:
Discontinued
DOI:10.23943/princeton/9780691202754.003.0012

This chapter focuses on the analysis and “solution” of noncooperative games. Any predictions one makes about how a game will be played must depend on the characteristics of the individuals playing the game. The theories that the chapter presents proceed on the presumption that all the players in the game are “rational,” that each credits their rivals with “rationality,” that each believes that all rivals credit their rivals with “rationality,” and so forth. The objective is to predict how people act in gamelike settings. The ground rules in noncooperative game theory are that the description of the game should include all relevant opportunities for the players. One of the hardest things to handle in this regard is the possibility that the players can communicate.

Keywords:   noncooperative games, players, rivals, rationality, noncooperative game theory

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