Lecture 24 - Asymmetric Information: Auctions and the Winner's Curse
We discuss auctions. We first distinguish two extremes: common values and private values. We hold a common value auction in class and discov...
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Yale Open Courses ECON 159: Game Theory
About the Course This course is an introduction to game theory and strategic thinking. Ideas such as dominance, backward induction, Nash equilibrium, evolutionary stability, commitment, cred...
Yale Open Courses ECON 159: Game Theory Podcast Guide
Listen to Yale Open Courses ECON 159: Game Theory, a Education podcast by William Sheppard. Stream 24 episodes in English, follow new audio stories, and play episodes online on Radio and Podcast.
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20 of 24 episodesLecture 23 - Asymmetric Information: Silence, Signaling and Suffering Education
We look at two settings with asymmetric information; one side of a game knows something that the other side does not. We should always inter...
Lecture 22 - Repeated Games: Cheating, Punishment, and Outsourcing
In business or personal relationships, promises and threats of good and bad behavior tomorrow may provide good incentives for good behavior...
Lecture 21 - Repeated Games: Cooperation vs. the End Game
We discuss repeated games, aiming to unpack the intuition that the promise of rewards and the threat of punishment in the future of a relati...
Lecture 20 - Subgame Perfect Equilibrium: Wars of Attrition
We first play and then analyze wars of attrition; the games that afflict trench warfare, strikes, and businesses in some competitive setting...
Lecture 19 - Subgame Perfect Equilibrium: Matchmaking and Strategic Investments
We analyze three games using our new solution concept, subgame perfect equilibrium (SPE). The first game involves players’ trusting that oth...
Lecture 18 - Imperfect Information: Information Sets and Sub-Game Perfection
We consider games that have both simultaneous and sequential components, combining ideas from before and after the midterm. We represent wha...
Lecture 17 - Backward Induction: Ultimatums and Bargaining
We develop a simple model of bargaining, starting from an ultimatum game (one person makes the other a take it or leave it offer), and build...
Lecture 16 - Backward Induction: Reputation and Duels
In the first half of the lecture, we consider the chain-store paradox. We discuss how to build the idea of reputation into game theory; in p...
Lecture 15 - Backward Induction: Chess, Strategies, and Credible Threats
We first discuss Zermelo’s theorem: that games like tic-tac-toe or chess have a solution. That is, either there is a way for player 1 to for...
Lecture 14 - Backward Induction: Commitment, Spies, and First-Mover Advantages
We first apply our big idea–backward induction–to analyze quantity competition between firms when play is sequential, the Stackelberg model....
Lecture 13 - Sequential Games: Moral Hazard, Incentives, and Hungry Lions
We consider games in which players move sequentially rather than simultaneously, starting with a game involving a borrower and a lender. We...
Lecture 12 - Evolutionary Stability: Social Convention, Aggression, and Cycles
We apply the idea of evolutionary stability to consider the evolution of social conventions. Then we consider games that involve aggressive...
Lecture 11 - Evolutionary Stability: Cooperation, Mutation, and Equilibrium
We discuss evolution and game theory, and introduce the concept of evolutionary stability. We ask what kinds of strategies are evolutionaril...
Lecture 10 - Mixed Strategies in Baseball, Dating and Paying Your Taxes
We develop three different interpretations of mixed strategies in various contexts: sport, anti-terrorism strategy, dating, paying taxes and...
Lecture 9 - Mixed Strategies in Theory and Tennis
We continue our discussion of mixed strategies. First we discuss the payoff to a mixed strategy, pointing out that it must be a weighed aver...
Lecture 8 - Nash Equilibrium: Location, Segregation and Randomization
We first complete our discussion of the candidate-voter model showing, in particular, that, in equilibrium, two candidates cannot be too far...
Lecture 7 - Nash Equilibrium: Shopping, Standing and Voting on a Line
We first consider the alternative “Bertrand” model of imperfect competition between two firms in which the firms set prices rather than sett...
Lecture 6 - Nash Equilibrium: Dating and Cournot Overview
We apply the notion of Nash Equilibrium, first, to some more coordination games; in particular, the Battle of the Sexes. Then we analyze the...
Lecture 5 - Nash Equilibrium: Bad Fashion and Bank Runs
We first define formally the new concept from last time: Nash equilibrium. Then we discuss why we might be interested in Nash equilibrium an...