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Study Center Gerzensee, Swiss National Bank
- August 10-14, 2009
- Study Center Gerzensee Advanced Doctoral Summer Course on Game Theory and Behavioral Economics
- Gerzensee, Study Center Gerzensee, Switzerland
- This course will examine standard economic theory; evidence of anomalies in standard theory, and behavioral theories designed to explain those anomalies. We will start by developing the choice theoretic foundations of modern decision theory: objective and subjective probabilities; Bayesian updating, the independence axiom, and expected utility theory. We will examine the basic anomalies with the theory: the Ellsberg, Allais, and Rabin paradoxes. We will discuss risk aversion, intertemporal preferences, hyperbolic discounting and the equity premium and stock market news puzzles. The theory of ambiguity aversion and robust control will be introduced. Models of self-control will be explored as a method of reconciling many of these paradoxes. The second part of the course will move from decision theory to equilibrium theory. The foundational notions of common knowledge and equilibrium will be introduced. Failures of backwards induction will be explored in the ultimatum bargaining, centipede and trust games. Theories of interpersonal preferences including altruism, spite and fairness will be studied. We will discuss the token contribution paradox. Learning theoretic foundations of equilibrium theory including self-confirming equilibrium and quantal response equilibrium will be introduced. [gem?_?? den Informationen des Anbieters - according to site editor's information]
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