Lec 8 - Nash equilibrium: location, segregation and randomization

"Lec 8 - Nash equilibrium: location, segregation and randomization" Game Theory (ECON 159) We first complete our discussion of the candidate-voter model showing, in particular, that, in equilibrium, two candidates cannot be too far apart. Then we play and analyze Schelling's location game. We discuss how segregation can occur in society even if no one desires it. We also learn that seemingly irrelevant details of a model can matter. We consider randomizations first by a central authority (such as in a bussing policy), and then decentralized randomization by the individuals themselves, "mixed strategies." Finally, we look at rock, paper, scissors to see an example of a mixed-strategy equilibrium to a game. 00:00 - Chapter 1. Candidate - Voter Model 14:22 - Chapter 2. Location and Segregation: Why Outcomes Are Not Necessarily Preferences 46:01 - Chapter 3. Location and Segregation: Examples 52:10 - Chapter 4. Location and Segregation: Policy Implications 57:51 - Chapter 5. Location and Segregation: Central vs. Individual Randomization 01:00:51 - Chapter 6. Pure vs. Mixed Strategies: Rock, Paper, Scissors Complete course materials are available at the Open Yale Courses website: http://open.yale.edu/courses This course was recorded in Fall 2007.

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