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Tuesday, April 30, 2013

Book "Game Theory: Interactive Strategies in Economics and Management" by Aviad Heifetz, translated by Judith Yalon-Fortus

About the Book: Game theory is concerned with strategic interaction among several decision-makers. In such strategic encounters, all players are aware of the fact that their actions affect the other players. Game theory analyzes how these strategic, interactive considerations may affect the players' decisions and influence the final outcome. This textbook focuses on applications of complete-information games in economics and management, as well as in other fields such as political science, law and biology. It guides students through the fundamentals of game theory by letting examples lead the way to the concepts needed to solve them. It provides opportunities for self-study and self-testing through an extensive pedagogical apparatus of examples, questions and answers. The book also includes more advanced material suitable as a basis for seminar papers or elective topics, including rationalizability, stability of equilibria (with discrete-time dynamics), games and evolution, equilibrium selection and global games.

About the Author: Aviad Heifetz is Professor of Economics at the Open University of Israel, where he served as chair of the Economics and Management Department from 2006 to 2009. He was previously Visiting Professor of Managerial Economics at the Kellogg School of Management, Northwestern University (2009-2011).

My Review: This is an excellent book for those who have no previous background on Game Theory, as all of the major concepts are explained in details, through some well chosen examples. Good for undergraduate courses, the author uses some math but does not go deep into crazy calculations.

Amazon.com was kind enough to provide this book for me through their Vine Program for reviewing and I was not requested to provide a positive review. Opinions expressed here are my own.

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