Game theoretic concepts apply whenever the actions of several agents are interdependent. These agents may be individuals, groups, firms, or any combination of these. The concepts of game theory provide a language to formulate, structure and analyz
The information revolution of the past couple of decades has switched the flow of information and ideas from slow, linear and scarce to fast, networked and pervasive, giving rise to the potential for a society where knowledge and its usage is the central resource; a new form of innovation economy based on knowledge and its application through information systems. Today the most important inputs to the core economic activities, of the most advanced economies, are widely distributed in the population
In this paper, we outline some of the major considerations involved in the study of economics, including trying to understand the logic behind the decision making of agents, theories of economic value and the idea of intrinsic and extrinsic value.
In this paper, we will be exploring two different models given for agents within an economic context. We will talk about how standard economics offers this model of the rational individual sometimes called homo economicus, and we will draw upon the new area of behavioral economics which presents an alternative model to human behavior within an economic context.