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Microeconomics Reflection.edited.edited

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Microeconomics Reflection
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Microeconomics is such an important subject in understanding how we utilize and
distribute resources in the economy. Microeconomics describes a more detailed understanding
than macroeconomics. For instance, it shows the reasons why certain goods have different values.
It also describes how businesses and individuals benefit from efficient exchange and production
and how they best cooperate and coordinate. Microeconomics is such an effective discipline. Some
of the brilliant microeconomics minds won the Nobel Prize in microeconomics. Some of the
winners include Arrows and Hicks, Coase and Becker, Stigler and Spence, Mortensen and
Pissarides, Nash, Aumann, and Schelling. This essay will reflect on some of the winners and their
input in microeconomics. This paper seeks to expound more on my understanding and opinion of
this theories in microeconomics.
Game Theory by Nash, Aumann, and Schelling.
This theory won Nash a Nobel Prize in 1994. Game theory describes how different players
in the economy affect each other. The outcome of one player depends on the actions of all the other
players. In-game theory, every player has to be cautious about the other players' actions (Abu
Turab Rizvi, 2007, p. 303). So, if you choose your strategy or course of action, you have to
consider what other players will do regarding your choice. You also have to put in consideration
that they are also thinking and planning about your choices. The players include your competitors
or customers. The actions of all these players then converge at an equilibrium where the choices
and thinking of all players are mutually consistent. This means that each player chooses his or her
best response to other players’ choices.
We implement the game theory on many real-life occasions, even when we are unaware.
For instance, we negotiate for various items before purchasing them, including buying a car or real

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Surname 1 Microeconomics Reflection Name Institution Affiliate Date Surname 2 Microeconomics is such an important subject in understanding how we utilize and distribute resources in the economy. Microeconomics describes a more detailed understanding than macroeconomics. For instance, it shows the reasons why certain goods have different values. It also describes how businesses and individuals benefit from efficient exchange and production and how they best cooperate and coordinate. Microeconomics is such an effective discipline. Some of the brilliant microeconomics minds won the Nobel Prize in microeconomics. Some of the winners include Arrows and Hicks, Coase and Becker, Stigler and Spence, Mortensen and Pissarides, Nash, Aumann, and Schelling. This essay will reflect on some of the winners and their input in microeconomics. This paper seeks to expound more on my understanding and opinion of this theories in microeconomics. Game Theory by Nash, Aumann, and Schelling. This theory won Nash a Nobel Prize in 1994. Game theory describes how different players in the economy affect each other. The outcome of one player depends on the actions of all the other players. In-game theory, every player has to be cautious about the other players' actions (Abu Turab Rizvi, 2007, p. 303). So, if you choose your strategy or course of action, you have to consider what other players will do regarding your choice. You also have to put in consideration that they are also thinking and planning ...
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