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Games: Strategic Decision-Making

In: Intertemporal and Strategic Modelling in Economics

Author

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  • Orlando Gomes

    (Lisbon Polytechnic Institute (ISCAL—IPL) and CEFAGE research center (Évora University—ISCAL))

Abstract

At every instant, economic agents, both households and firms, and also the government and the financial institutions, have decisions to make. These decisions may have two different natures; they can be largely independent from the choices and behavior of others, as it is the case of production and selling decisions by firms in perfectly competitive markets, or they can be interdependent decisions, having their origin on some sort of strategic interaction process. When an agent acts strategically, she knows that her actions directly impact others and that the options of other individual agents also influence her choices, actions and outcomes. Strategic interaction may be addressed in economics by resorting to tools of game theory. A review of such tools is the subject of this chapter.

Suggested Citation

  • Orlando Gomes, 2022. "Games: Strategic Decision-Making," Lecture Notes in Economics and Mathematical Systems, in: Intertemporal and Strategic Modelling in Economics, chapter 0, pages 31-52, Springer.
    • Handle: RePEc:spr:lnechp:978-3-031-09600-6_2
    DOI: 10.1007/978-3-031-09600-6_2
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