The Merits and De-Merits of Game Theoretic Approaches to the Governance of Common-Pool Resources

Abstract

"What is game theory? It is quite simply the formal study of rational decision in situations (of interdependence). Two or more individuals have choices to make, preferences regarding the outcomes, and some knowledge of the choices available to each other and of each others preferences. The outcome depends on the choices that both of them make, or all of them if there are more than two. There is no independently 'best' choice that one can make; it depends on what the others do."