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Some Links Between Game Theory and Decision Theory in Economics

Author

Listed:
  • Dominika Crnjac

    (Faculty of Electrical Engineering, J.J. Strossmayer University of Osijek, Croatia)

  • Goran Martinovic

    (Faculty of Electrical Engineering, J. J. Strossmayer University of Osijek, Croatia)

Abstract

Certain optimal strategies based upon game theory are given in this paper. A decision-making function and a risk function are explained. Decision-making criteria are applied for determining best decision-making functions with respect to a specific criterion. Special attention is given to the minimax criterion.

Suggested Citation

  • Dominika Crnjac & Goran Martinovic, 2009. "Some Links Between Game Theory and Decision Theory in Economics," Interdisciplinary Management Research, Josip Juraj Strossmayer University of Osijek, Faculty of Economics, Croatia, vol. 5, pages 165-175.
    • Handle: RePEc:osi:journl:v:5:y:2009:p:165-175
    as

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    References listed on IDEAS

    as
    1. Drew Fudenberg & Jean Tirole, 1991. "Game Theory," MIT Press Books, The MIT Press, edition 1, volume 1, number 0262061414, April.
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    More about this item

    Keywords

    saddle-point; minimax criterion; Bayesian criterion; loss function; risk function; decision-making function;
    All these keywords.

    JEL classification:

    • C02 - Mathematical and Quantitative Methods - - General - - - Mathematical Economics
    • C71 - Mathematical and Quantitative Methods - - Game Theory and Bargaining Theory - - - Cooperative Games
    • D81 - Microeconomics - - Information, Knowledge, and Uncertainty - - - Criteria for Decision-Making under Risk and Uncertainty

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