Quote:
Originally Posted by RustyBrooks
Some game theory games are equivalent to economics.
That does not mean that all game theory games are equivalent to economics. Right there in your bold it says "suitable games of strategy"
When they say suitable games of strategy, they mean some games are more inclined to represent certain economic situations more so than others. But if you take the sum total of all games of strategy, then this sum total is mathematically the same as all of economic behavior.
Now take decision making in computer programming, this is mathematically the same as that in both economics and game theory. If we we're to mathematically break down the entire field of mathematical economics, we would find that it is exactly the same as the science of game theory. Thus, the authors are attempting to study economic behavior from an entirely different perspective, that from the perspective of games of strategy, because the two are mathematically the same. And if you read through all of Theory of Games and Economic Behavior, you will draw the conclusion that game theory = mathematical economics = economics. Thus, I will use mathematical economics to make the +EV decision to say no more for now.