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Unit of study_
ECON6025: Strategic Decision Making
2024 unit information
Decision makers face two types of uncertainty: uncertainty about the state of nature (how much oil is in an oilfield) and uncertainty about the strategic behaviour of other decision makers (how many oil wells they will drill). This unit of study focuses on strategic uncertainty and the uses decision makers can make of the concepts of game theory to guide their decisions. Game theory studies situations where a) agents have conflicts of interests and b) agents can take actions that directly affect their payoffs and the payoffs of others. A very broad range of applications from business and economics fit the above description and therefore can be studied by the methods of game theory. Applications include, firm pricing and output decisions, market entry and exit, hold-up, collusion, bargaining, auctions, and signalling.
Unit details and rules
Managing faculty or University school:
Economics
| Code | ECON6025 |
|---|---|
| Academic unit | Economics |
| Credit points | 6 |
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Prerequisites:
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ECON6001 or ECOF6080 or ECON6701 |
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Corequisites:
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None |
| Prohibitions:
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None |
| Assumed knowledge:
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None |
At the completion of this unit, you should be able to:
- LO1. demonstrate familiarity with the main approaches and concepts of Game Theory
- LO2. identify the likely outcome arising from the interaction of strategic players
- LO3. recognize 'real-world' economic situations that can be studied by game theory, be able to model them as games, and predict the likely outcomes
- LO4. understand the limitations of various models, distinguish between competing explanations, and critically evaluate competing theories
- LO5. participate in public policy discussions arising in business and government environments.
Unit availability
This section lists the session, attendance modes and locations the unit is available in. There is a unit outline for each of the unit availabilities, which gives you information about the unit including assessment details and a schedule of weekly activities.
The outline is published 2 weeks before the first day of teaching. You can look at previous outlines for a guide to the details of a unit.
| Session | MoA ? | Location | Outline ? |
|---|---|---|---|
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Semester 2 2024
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Normal day | Camperdown/Darlington, Sydney |
Outline unavailable
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Modes of attendance (MoA)
This refers to the Mode of attendance (MoA) for the unit as it appears when you’re selecting your units in Sydney Student. Find more information about modes of attendance on our website.
