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Schelling's Game TheoryHow to Make Decisions$
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Robert V. Dodge

Print publication date: 2012

Print ISBN-13: 9780199857203

Published to Oxford Scholarship Online: May 2012

DOI: 10.1093/acprof:oso/9780199857203.001.0001

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PRINTED FROM OXFORD SCHOLARSHIP ONLINE (oxford.universitypressscholarship.com). (c) Copyright Oxford University Press, 2021. All Rights Reserved. An individual user may print out a PDF of a single chapter of a monograph in OSO for personal use. date: 14 June 2021

Game Theory

Game Theory

(p.29) Chapter 4 Game Theory
Schelling's Game Theory


Oxford University Press

This chapter formally introduces game theory. It provides a simple definition as the study of interactive decision-making by rational decision makers. Game theory is a formal study of vicarious thinking. A number of introductory terms are introduced, including “game,” “player,” and “payoff.” Concepts, including “rational actor,” “defect,” and “equilibrium” are discussed, and the point is made that a player's goal is to maximize his personal outcome, not to “beat” the other player. A history of game theory and its ideas as seen through the prism of two key figures—John von Neumann and Thomas Schelling—is entertainingly told by BBC presenter and Financial Times correspondent Tim Harford in an excerpt from his book The Logic of Life entitled “Las Vegas: the Edge of Reason.”

Keywords:   game theory, equilibrium, rational actor, John von Neumann, Tim Harford

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