A system for studying strategic behavior in economics is called
A) decision science.
B) political economy.
C) game theory.
D) solution concepts.

Question

Quizplus · Accepted Answer

Game theory is specifically designed to study strategic behavior in economics. Decision science is a broader field that includes game theory but also other decision-making tools from psychology and statistics. Political economy examines the interaction between political and economic systems, but does not focus solely on strategic behavior. Solution concepts are mathematical tools used to analyze outcomes in game theory, but do not constitute a system for studying strategic behavior on their own.

A System for Studying Strategic Behavior in Economics Is Called