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Published: Oct 16 , 2014
Author: Stephen White
This week the 2014 Nobel Prize for Economics was awarded to Professor Jean Tirole for his writings on the regulation of large corporations. Professor Tirole made his reputation largely on his work about Game Theory; his book (with Drew Fudenberg) called Game Theory is not an easy read. Densely packed with mathematical equations the book tries to explain the behaviour of individuals in a market who make decisions based on their expectations of how their customers, suppliers and competitors are likely to react in the future. Even the first example in the book, which describes how a pie manufacturer would use Game Theory to choose how to set his prices in the market for one single day, would make most people’s head spin...