Useful links
Unit of study_
ECON6025: Strategic Decision Making
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.
| Code | ECON6025 |
|---|---|
| Academic unit | Economics |
| Credit points | 6 |
|
Prerequisites:
?
|
ECON6001 or ECOF6080 or ECON6701 |
|---|---|
|
Corequisites:
?
|
None |
| Prohibitions:
?
|
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 outlines
Unit outlines will be available 1 week before the first day of teaching for the relevant session.
- Semester 1, 2023 [Normal day] - Camperdown/Darlington, Sydney
- Semester 1, 2023 [Normal day] - Remote
- Key dates
Key dates through the academic year, including teaching periods, census, payment deadlines and exams.
- Student administration
Enrolment, course planning, fees, graduation, support services, student IT
- Expectations of student conduct
Code of Conduct for Students, Conditions of Enrollment, University Privacy Statement, Academic Integrity
- Academic appeals
Academic appeals process, special consideration, rules and guidelines, advice and support
- Learning and teaching policy
Policy register, policy search
- Financial support
Scholarships, interest free loans, bursaries, money management
- Study resources
Learning Centre, faculty and school programs, Library, online resources
- Health and support
Student Centre, counselling & psychological services, University Health Service, general health and wellbeing
