Game Theory in Finance
概述博弈论在金融中的应用，先讨论不知情者先动的传统模型，再分析知情者先动的模型，并介绍纳什均衡、子博弈完美等均衡概念，最后回顾在公司控制、资本结构、股利与股票回购、外部融资及金融中介等领域的应用。
This paper provides an overview of game theory, in particular its applications in finance. Traditional models in which the uninformed agent moves first are examined initially, and this is followed by an examination of models in which the informed agent moves first. Some of the equilibrium concepts which are discussed are: Nash equilibrium, subgame perfection, sequential equilibrium, the Cho-Kreps intuitive criterion and the Banks-Sobel divinity and universal divinity refinements. Applications to corporate control, capital structure, dividends and stock repurchases, external financing, and financial intermediation are reviewed.