Markets, Games, & Strategic Behavior

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In his new text, Charles Holt begins each chapter with a lead-off experiment designed as an organizing device to introduce economic concepts such as the Winner's Curse, Asset Market Bubbles, and Rent Seeking. These experiments are easy to facilitate in the classroom, and may be run “by hand” or online via an internet browser. The early chapters in Part I of the text cover the basics, providing examples that feature markets with buyers and sellers, simple two-person games, and individual lottery choice decision. Professors can choose the order in which they cover later chapter topics, including markets, bargaining, public choice, auctions, individual decisions, games, and asymmetric information.For Sale in Indian subcontinent onlyFeaturesEach chapter includes an experiment which is easy to use in class. The chapters are self-contained, making the format very flexible. Each chapter contains one game, carefully balancing theory and methodology. Mathematics is kept accessible. Experiments are typically based on parametric cases that distinguish alternate theories.ContentsPart I. Basic Concepts: Decisions, Game Theory, and Market Equilibrium Introduction A Pit Market Some Simple Games: Competition, Coordination, and Guessing Risk and Decision Making Randomized Strategies Part II. Market Experiments Monopoly and Cournot Markets Vertical Market Relationships Market Institutions and Power Collusion and Price Competition Market Failure Due to Unraveling: Lemons and Matching Markets Asset Markets and Price Bubbles Part III. Bargaining and Behavioral Labor Economics Ultimatum Bargaining Trust, Reciprocity, and Principal-Agent Games Part IV. Public Choice Voluntary Contributions The Volunteer's Dilemma Externalities, Congestion, and Common Pool Resources Rent Seeking Voting and Politics Experiments Part V. Auctions Private Value Auctions The Takeover Game Common-Value Auctions and the Winner's Curse Multi-Unit and Combinatorial Auctions Part VI. Behavioral Game Theory: Treasures and Intuitive Contradictions Multi-Stage Games Generalized Matching Pennies The Traveler's Dilemma Coordination Games Part VII. Individual Decision Experiments Probability Matching Lottery Choice Anomalies ISO (in Search of …) Part VIII. Information, Learning, and Signaling Bayes' Rule Information Cascades Statistical Discrimination Signaling Games Prediction Markets