Games with incomplete information
Article Abstract:
A biography of economist John C. Harsanyi and his contributions to research into game theory is presented. Harsanyi was born in Budapest, Hungary on May 29, 1920. He was forced to leave Hungary in Jun. 1948 due to his opposition to Marxist ideology. He left for Australia where he earned a economics degree at the University of Sydney. Game theory is defined as a theory of rational behavior, wherein players make countermoves based on the anticipated moves of their opponents. Harsanyi's contribution to game theory involves games with complete and incomplete information, or C- and I-games.
Publication Name: American Economic Review
Subject: Economics
ISSN: 0002-8282
Year: 1995
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Talk is cheap
Article Abstract:
Words are man's main medium of communication. Conflicting ideas on the value of words in communicating vital information have been developed in theory. Cheap talk, which refers primarily to uninformative dialogue, has been challenged by other theorists who claim that such talk may actually convey vital information and condition important decision-making and action. However, rational people involved with cheap talk will either not reach a desired equilibrium or may conclude with a bad one.
Publication Name: American Economic Review
Subject: Economics
ISSN: 0002-8282
Year: 1995
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One quarter of GDP is persuasion
Article Abstract:
Economists tend to have a negative perspective on talk and culture in relation to their field's development. However, concern has been growing in game and information theory over persuasion as a vital component of economic talk after issuing of orders and conveying information. Persuasion rests in the human ability to pass judgment on the value of information and to effect a desired behavior or change.
Publication Name: American Economic Review
Subject: Economics
ISSN: 0002-8282
Year: 1995
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