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Game Theory in Economics
Adding to the ongoing debate on how best to understand game theory and its relevance to economics, a response toAtanu Sengupta and Abhijit Ghosh’s “Non-cooperativeGame Theory and Pay-off” (EPW, 28 January 2017).
The authors are grateful to Alex M Thomas, Anand Shrivastava and Arjun Jayadev for their detailed comments and helpful suggestions.
In the article, “Non-cooperative Game Theory and Pay-off” (EPW, 28 January 2017), Atanu Sengupta and Abhijit Ghosh question the contributions of game theory to economics. They do this by setting up examples to show how game theory is case-specific, and thus cannot be generalised.
While we disagree with multipleaspects of the paper, we will focus on two examples which are instrumental in the formulation of the authors’ argument. The first part of this response critically evaluates these two problems and the second will discuss the relevance of game theory in economics.
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