AI-powered
podcast player
Listen to all your favourite podcasts with AI-powered features
Game Theory Applications in Economics and Society
This chapter explores the utilization of game theory in designing auctions, with a focus on maximizing revenue through efficient auction structures such as radio spectrum auctions for mobile phones. It also delves into how game theory principles elucidate the necessity of a social contract in a civilized society, drawing parallels with the Prisoner's Dilemma and societal cooperation. Additionally, the chapter discusses the role of contracts in political theory and examines the intriguing dynamics of the ultimatum game in decision-making scenarios.