Economics Game Theory In Behavioral Economics Questions
The role of leadership in game theory is to influence and guide the behavior of individuals within a group or organization. Leadership can shape the strategies and actions of individuals by providing direction, setting goals, and establishing norms and rules. In game theory, leadership can influence collective action by promoting cooperation, coordination, and trust among individuals. Effective leadership can encourage individuals to overcome self-interest and work towards a common goal, leading to more favorable outcomes in games and enhancing collective welfare.