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ECON2112 Game Theory and Business Strategy - 2024
Published on the 25 Aug 2024
General Course Information
Course Code : ECON2112 Year : 2024
Term : Term 3
Teaching Period : T3
Course Details & Outcomes
Course Description
Game theory is a structured way to think about strategic interactions and it is fundamental to the understanding of modern business strategy. In this course, you will be introduced to the basic tools of Game Theory and its applications to business choices. We will cover normal form and extensive form games, games of perfect and imperfect/incomplete information, and will introduce equilibrium concepts such as Nash Equilibrium, Subgame-Perfect Equilibrium and Perfect Bayesian Equilibrium. We will also look at repeated games and the theory of reputation. Game Theory will not only equip you with an understanding of the basic principles of strategic analysis but also empower you to integrate ethical and sustainable considerations into the application of abstract theory to specifc real-world business challenges.
Course Aims
ECON2112 is offered as part of the economics stream in the BCom and BEc degrees.
Prerequisites for this course are ECON1101 Microeconomics 1 (or COMM1100) and ECON1202 Quantitative Analysis for Business and Economics. This course aims to build on basic theories and knowledge learnt in these prior courses. The knowledge acquired in this course is further developed and used in third-year courses including ECON3121 Managerial Economics and ECON3123 Organisational Economics among others. The course is useful for students in Mathematics & Statistics, Computer Science and Engineering, especially those who are interested in Data Science.
Course Learning Outcomes
|
Course Learning Outcomes |
Program learning outcomes |
|
CLO1 : Apply abstract theory to concrete problems demonstrating an understanding of the basic principles of strategic analysis including solution concepts. |
• PLO1 : Business Knowledge • PLO2 : Problem Solving • PLO3 : Business Communication • PLO5 : Responsible Business Practice • PLO6 : Global and Cultural Competence • PLO7 : Leadership Development |
|
CLO2 : Compute pure and mixed strategy Nash equilibria in normal form games. |
• PLO1 : Business Knowledge • PLO2 : Problem Solving • PLO3 : Business Communication |
|
CLO3 : Solve perfect information games using backwards induction. |
• PLO1 : Business Knowledge • PLO2 : Problem Solving |
|
CLO4 : Compute pure and mixed subgame perfect equilibria in extensive form games. |
• PLO1 : Business Knowledge • PLO2 : Problem Solving |
|
CLO5 : Analyse problems and formulate strategic solutions with a focus on ethical and sustainable outcomes, utilising tools provided by the course materials. |
• PLO1 : Business Knowledge • PLO2 : Problem Solving • PLO3 : Business Communication • PLO5 : Responsible Business Practice • PLO6 : Global and Cultural Competence • PLO7 : Leadership Development |
|
CLO6 : Develop succinct and clear work that refectsethical and sustainable principles, to communicate ideas presented in a logical, professional and manner. |
• PLO3 : Business Communication • PLO5 : Responsible Business Practice • PLO7 : Leadership Development |
|
Course Learning Outcomes |
Assessment Item |
|
CLO1 : Apply abstract theory to concrete problems demonstrating an understanding of the basic principles of strategic analysis including solution concepts. |
• Problem sets • Final Exam |
|
CLO2 : Compute pure and mixed strategy Nash equilibria in normal form games. |
• Problem sets • Final Exam |
|
CLO3 : Solve perfect information games using backwards induction. |
• Problem sets • Final Exam |
|
CLO4 : Compute pure and mixed subgame perfect equilibria in extensive form games. |
• Problem sets • Final Exam |
|
CLO5 : Analyse problems and formulate strategic solutions with a focus on ethical and sustainable outcomes, utilising tools provided by the course materials. |
• Problem sets • Final Exam |
|
CLO6 : Develop succinct and clear work that refects ethical and sustainable principles, to communicate ideas presented in a logical, professional and manner. |
• Problem sets |
Learning and Teaching Technologies
Moodle - Learning Management System | Zoom | Bloom AI Tutor
Learning and Teaching in this course
Approach to Learning and Teaching in the Course
The lectures, tutorials, and assessments have been designed to appropriately challenge students and support the achievement of the desired learning outcomes. A climate of inquiry and dialogue is encouraged between students and teachers and among students (in and out of class). The lecturers and tutors aim to provide meaningful and timely feedback to students to improve learning outcomes.