Cooperative Game Theory for Political Economy

Roger A. McCain presents an incisive exploration of cooperative game theory to address contemporary challenges within political economies. He critiques and extends the use of game concepts, demonstrating how they may be applied in practice to facilitate a cooperative equilibrium.Chapters draw on extensive tabular examples, analyzing games with nonnumerical outcomes and assessing firms as cooperative coalitions. Through this, McCain develops systems for bargaining, voting, exchange and markets, while demonstrating that problematic cases such as cartels and free trade agreements cannot consistently be represented by cooperative game theory. By reconsidering median voter models as cooperative game models, this book outlines key implications for social contractarian political economies.Cooperative Game Theory for Political Economy is an enlightening read for scholars and students of economics, particularly those interested in the discipline’s political and theoretical side. It also provides invaluable insights for practitioners and policymakers working within the field.