Lecture 15 - Backward induction: chess, strategies, and credible threats
recorded by: Yale University
published: Nov. 15, 2010, recorded: September 2007, views: 3223
released under terms of: Creative Commons Attribution No Derivatives (CC-BY-ND)
See Also:
Download yaleecon159f07_polak_lec15_01.mov (Video - generic video source 605.8 MB)
Download yaleecon159f07_polak_lec15_01.flv (Video 262.3 MB)
Download yaleecon159f07_polak_lec15_01_640x360_h264.mp4 (Video 217.4 MB)
Related content
Report a problem or upload files
If you have found a problem with this lecture or would like to send us extra material, articles, exercises, etc., please use our ticket system to describe your request and upload the data.Enter your e-mail into the 'Cc' field, and we will keep you updated with your request's status.
Description
We first discuss Zermelo's theorem: that games like tic-tac-toe or chess have a solution. That is, either there is a way for player 1 to force a win, or there is a way for player 1 to force a tie, or there is a way for player 2 to force a win. The proof is by induction. Then we formally define and informally discuss both perfect information and strategies in such games. This allows us to find Nash equilibria in sequential games. But we find that some Nash equilibria are inconsistent with backward induction. In particular, we discuss an example that involves a threat that is believed in an equilibrium but does not seem credible.
Reading assignment:
Strategies and Games: Theory And Practice. (Dutta): Chapters 11-12
Strategy: An Introduction to Game Theory. (Watson): Chapter 21
Resources:
Link this page
Would you like to put a link to this lecture on your homepage?Go ahead! Copy the HTML snippet !
Write your own review or comment: