Using Game Theory to Understand the Relationship Between Nations

Abstract: 10 pages. Standard microeconomics provides a theory of decision-making in which the outcomes of various decisions are known. Game theory provides rational solutions when the outcomes are uncertain. Game theory has proven very useful in the study of many things such as oligopoly markets in which each participant must take account of the reactions of its competitors. For the purpose of this paper the writer considers the use of game theory in understanding the relationship between the member nations of the United Nations. This is an intriguing and enlightening look at both the concept of Game Theory in Economics as well as the relationship between various nations. Bibliography lists 10 sources.

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Catagory:

Subcatagory: Economics And Economic Theory

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