M25858 Behavioural Economics And Game Theory Assignment Answer UK

M25858 Behavioural Economics and Game Theory course is designed to provide a comprehensive understanding of how game theory and behavioral economics can be applied to understand human behavior and decision-making in various contexts. Game theory is a branch of economics that focuses on the strategic interactions between individuals or organizations, while behavioral economics is concerned with how psychological, social, and emotional factors influence decision-making. By combining these two fields, this course aims to provide students with a unique perspective on how individuals and organizations make decisions in the face of uncertainty, risk, and limited resources.

Throughout the course, students will explore various game-theoretic models and behavioral economics concepts, such as Nash equilibrium, prisoner’s dilemma, social preferences, and bounded rationality. The course will also cover real-world applications of game theory and behavioral economics, including market competition, public policy, and strategic decision-making in business.

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Here, we will provide some assignment activities. These are:

Assignment Activity 1: Examine the relevance and position of game theory in economic research.

Game theory is a branch of mathematics that is widely used in economics to study decision-making in strategic situations. It provides a framework for analyzing the behavior of individuals and firms when they interact with each other, taking into account the potential impact of their decisions on the outcomes of the game.

Game theory has become an essential tool in economic research, particularly in microeconomics and industrial organization. It is used to study a wide range of phenomena, including market competition, bargaining, auctions, social dilemmas, and political decision-making. By modeling the strategic interactions between economic agents, game theory helps economists to understand how different incentives and constraints can influence individual behavior and lead to various outcomes.

One of the main contributions of game theory to economics is the concept of Nash equilibrium. A Nash equilibrium is a situation in which each player’s strategy is optimal given the strategies of the other players. Nash equilibrium is a powerful tool for predicting the behavior of players in many different types of games and has been used to study a wide range of economic phenomena.

Game theory has also been used to study the design of optimal policies in various economic contexts, such as environmental regulation, taxation, and public goods provision. In these situations, policymakers must take into account the incentives and behaviors of different actors, and game theory provide a framework for analyzing the likely outcomes of different policy choices.

Assignment Activity 2: Differentiate between types of games and their uses in strategic thinking.

Games can be classified into various types based on their characteristics, objectives, and rules. These different types of games have different uses in developing and improving strategic thinking skills. Here are some common types of games and their uses in strategic thinking:

1. Board Games: Board games are played on a board with pieces or tokens that represent different players or objects. Examples of board games include chess, checkers, and Go. Board games are excellent for developing strategic thinking skills such as planning, decision-making, and anticipating moves.
2. Card Games: Card games involve the use of a deck of cards to play a game. Examples of card games include poker, bridge, and solitaire. Card games can help develop strategic thinking skills such as probability, risk assessment, and decision-making.
3. Video Games: Video games are played on a computer or console and can be either single-player or multiplayer. Examples of video games include strategy games like Civilization and Age of Empires, and first-person shooter games like Call of Duty and Battlefield. Video games can help develop strategic thinking skills such as resource management, teamwork, and problem-solving.
4. Sports: Sports involve physical activity and competition between two or more players or teams. Examples of sports include soccer, basketball, and tennis. Sports can help develop strategic thinking skills such as team building, communication, and decision-making under pressure.
5. Role-playing Games: Role-playing games involve players taking on the role of a character in a fictional world. Examples of role-playing games include Dungeons and Dragons and World of Warcraft. Role-playing games can help develop strategic thinking skills such as problem-solving, critical thinking, and creativity.

Assignment Activity 3: Analyse different games and use a variety of tools to find equilibria.

Game theory is a powerful tool for analyzing strategic interactions between individuals or groups. A central concept in game theory is the notion of equilibrium, which is a state in which all players in a game are making the best decisions possible given the decisions of the other players.

There are a variety of games that can be analyzed using game theory, each with their own unique characteristics and equilibrium solutions. Below, we will examine several different games and use various tools to find equilibria.

Prisoner’s Dilemma:

The Prisoner’s Dilemma is a classic game in game theory that involves two players who are each given the option to cooperate with or betray the other player. If both players choose to cooperate, they both receive a reward. If one player cooperates and the other betrays, the betrayer receives a higher reward and the cooperator receives a lower reward. If both players betray each other, they both receive a low reward.

To find the equilibrium in this game, we can use the concept of dominant strategies. In this game, each player has a dominant strategy of betraying the other player, regardless of the other player’s choice. Therefore, the equilibrium solution for the game is for both players to betray each other.

Battle of the Sexes:

The Battle of the Sexes is a game in which two players must coordinate their actions to meet up at a certain location, but they each have a different preferred location. If the players meet at their preferred location, they each receive a high reward. If they meet at the other player’s preferred location, they each receive a lower reward.

To find the equilibrium in this game, we can use the concept of Nash equilibrium, which is a state in which no player can improve their outcome by changing their strategy given the other player’s strategy. In this game, there are two Nash equilibria: one where both players meet at the man’s preferred location, and one where both players meet at the woman’s preferred location.

Chicken:

The game of Chicken involves two players driving cars toward each other, and the first player to swerve loses. If both players swerve, they both receive a small reward. If both players continue driving straight, they both receive a negative reward.

To find the equilibrium in this game, we can use the concept of mixed strategies. In this game, there are two pure strategy equilibria: both players driving straight and both players swerving. However, there is also a mixed strategy equilibrium in which each player randomly chooses between swerving and continuing straight with a certain probability.

Matching Pennies:

Matching Pennies is a game in which two players simultaneously choose either heads or tails on a coin flip. If the players choose the same side, one player receives a reward. If they choose different sides, the other player receives the reward.

To find the equilibrium in this game, we can use the concept of mixed strategies. In this game, there is no pure strategy equilibrium, but there is a mixed strategy equilibrium in which each player randomly chooses between heads and tails with a probability of 0.5.

Assignment Activity 4: Contrast the approaches and predictions of standard economic versus behavioural models.

Standard economic models, also known as neoclassical models, assume that individuals make rational decisions based on their preferences and a complete understanding of the available information. These models often assume that markets are efficient and that prices reflect all available information. Economic models typically focus on the analysis of markets and their outcomes, such as prices, quantities, and market structures.

In contrast, behavioral models incorporate the idea that individuals may not always make rational decisions. These models often consider the influence of psychological, social, and cognitive factors on decision-making. For example, behavioral models may incorporate insights from psychology, such as prospect theory, which suggests that individuals tend to be risk-averse when facing gains but risk-seeking when facing losses.

Behavioral models also recognize that individuals may have limited cognitive abilities and may be influenced by biases or heuristics that deviate from rational decision-making. For example, individuals may have a tendency to be overconfident in their abilities, to discount the future, or to follow the herd in their decision-making.

Assignment Activity 5: Understand the underlying structures driving human behaviour in economic situations.

Human behavior in economic situations is complex and multifaceted and is influenced by a variety of underlying structures. Some of the key factors that drive human behavior in economic situations include:

1. Rationality: People generally act in a rational manner when making economic decisions. They seek to maximize their own self-interest and make choices that will lead to the best possible outcomes for themselves.
2. Incentives: People respond to incentives. Economic incentives can be either positive (such as rewards or benefits) or negative (such as penalties or costs), and they can influence people’s behavior in significant ways.
3. Information: Economic decisions depend on the availability and accuracy of information. People rely on information to make informed choices about their economic behavior.
4. Social norms: Social norms and expectations can influence economic behavior. People often conform to the expectations of others, and this can lead to economic behavior that is consistent with social norms.
5. Emotions: Emotions can also play a role in economic behavior. People may be influenced by their emotional state when making economic decisions, and this can lead to choices that are not entirely rational.
6. Risk and uncertainty: Economic behavior is often influenced by risk and uncertainty. People may make decisions based on their perception of risk, and this can lead to choices that are not entirely rational.
7. Time preferences: Economic behavior can also be influenced by time preferences. People may value present benefits more highly than future benefits, and this can lead to choices that are not entirely rational.

Understanding these underlying structures can help us to better predict and explain economic behavior. However, it is important to recognize that economic behavior is complex and can be influenced by a wide range of factors.

Assignment Activity 6: Appraise appropriate methods to identify and study observed behavioural phenomena.

The appropriate methods to identify and study observed behavioural phenomena depend on the specific context and research question. However, there are some general approaches that can be used to investigate behaviour. Here are some examples:

1. Observation: This involves directly watching and recording behaviour as it occurs in a natural setting. It can be done in person or through video recordings. Observational methods can provide rich descriptions of behaviour but may not allow for in-depth analysis of underlying psychological processes.
2. Surveys and questionnaires: These are self-report measures that ask individuals to report on their own behaviour or attitudes. Surveys and questionnaires can be useful for gathering information on a large number of participants but are subject to response biases.
3. Experiments: These involve manipulating one or more variables to observe their effect on behaviour. Experiments can provide strong evidence for causal relationships but may not always reflect real-world behaviour.
4. Case studies: These involve in-depth analysis of a particular individual or group of individuals to understand their behaviour and experiences. Case studies can provide rich insights but are limited in their generalizability.
5. Neuroimaging: These techniques involve measuring brain activity while individuals perform certain behaviours. Neuroimaging can provide insights into the neural mechanisms underlying behaviour but may be limited by the expense and technical expertise required.
6. Ethnography: This involves immersing oneself in a particular culture or social group to understand their behaviour and experiences. Ethnography can provide rich insights into cultural influences on behaviour but may be limited by the time and resources required.
7. Archival research: This involves analyzing existing records and documents to understand behaviour. Archival research can be useful for studying historical changes in behaviour but may be limited by the availability and quality of the data.

It is important to carefully choose the appropriate method(s) for investigating behavioural phenomena based on the research question, available resources, and ethical considerations.

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