ISSN (Print) - 0012-9976 | ISSN (Online) - 2349-8846

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Non-cooperative Game Theory and Pay-off

Focusing on an important dilemma regarding the contribution of the game theory and Nash equilibrium in economics, it is argued that the former is highly case specific. It is difficult to generalise the conclusion or solution to a more universal arena.

In recent contributions to this journal, Arunava Sen (2015) and Jean Dreze (2016) elucidate the contributions and insights of game theory in a lucid manner. Sen elaborated the idea of game theory with its major impact on economics in general, and game theory in particular. Dreze took a different view of the entire subject.

We are no experts on the subject. This is an attempt to deal with some basic (mis)understandings of the game theory.

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Updated On : 1st Feb, 2017


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