Game Theory & Equillibrium Models
Decision problems with multiple decision makers are often modeled by game theory. It is assumed that each player wants to maximize its own payoff. The solution of the situation is the Nash Equillibrium. In a non-equillibrium situation, the players simultaneously move into the direction of their best choices given the last move of the competitors. In this way, a dynamic process develops. The UA faculty have studied both the existence and the stability of the equillibria. In the case when instability occurs different kinds of bifurcation can be observed. In addition to theoretical studies, they analyzed the applications arising in economics, fisheries, etc.

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