MIC 2016 - Studies in Microeconomics

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Special Issue on Game theory and its application to Social and Economic Networks
Guest Editors: Dr. Diganta Mukherjee, Indian Statistical Institute, Kolkata Dr. Surajit Borkotokey, Dibrugarh University, Assam
Game theory has become one of the most essential part of Mathematics, Economics, Political Science, Psychology to name a few. Though game theory created a remarkable momentum in the last few decades, a lot of avenues are still yet open to explore. Bringing interested young research scholars, young PhDs from different institutes and universities of India together is very much essential for good collaborative work. It is expected that such a gathering will make a platform for the young research scholar to expose and further themselves in this particular field.
Today game theory has developed into an umbrella term for the logical side of decision science. As a method of applied mathematics game theory has been used to study different socio-economic situation. The main objective of game theory is the systematic analysis of relationships among two or more agents (players), groups, organization etc. Game theory was initially developed in Economics to address a large collection of economic behavior, markets, consumers etc. In addition to being used these it also covers a wide array of economic phenomena such as auctions, bargaining, social network formation etc. A social network is a structure with a set of individuals or organization. Social network plays a central role in the transmission of information. Social network and analysis of them requires an interdisciplinary approach.
Game theory has emerged as a major tool to study the different aspects of networks such as finding the influential factor of the individuals and to examine the local and global patterns of the networks. From an economist’s perspective game theory is useful in analyzing both the network formation and network influence. Besides this, game theory in network structures help us to understand how a fruitful transmission of information happens in the network of players and which network structure are likely to emerge and survive in a society. Game theory has also been used to develop theories of ethical as well as normative behavior.
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