Abstract
Game theory has had a profound influence on many fields of the social sciences since its rise to prominence more than fifty years ago. This paper provides an overview of the main concepts in game theory and studies four main areas of its application in economic problems – oligopolistic competition, externalities & public goods, market equilibrium and general equilibrium. The conclusion is that game theory has found a natural place in economics and will continue to contribute to it for many years to come.
Recommended Citation
Lim, Jamus Jerome
(1999)
"Fun, Games & Economics: An appraisal of game theory in economics,"
University Avenue Undergraduate Journal of Economics: Vol. 3:
Iss.
1, Article 7.
Available at:
https://digitalcommons.iwu.edu/uauje/vol3/iss1/7
