FLAME University


An opportunity to experience the liberal ethos

Game theory and Firm Behaviours

About the Program

This course develops several standard tools and equilibrium concepts that are used in analysing decision making in various situations. The main objective of this course is to develop the fundamental idea behind Nash Equilibrium, and extensions to the idea of Nash Equilibrium. Once we develop the idea of an equilibrium we will spend a lot of time understanding some of the real world applications of these equilibria. One of the fundamental assumptions of game theory is that the agents are rational. However, there are reasons to question this assumption. The ought to behaviour and the actual behaviour by the agents could be quite contradictory, and therefore, it is important for us to understand both sides of the story. That is where behavioural economics comes into the picture. We spend a lot of time understanding the experiments that were conducted in the real world to discuss the intuition we develop.

Course Objectives

  • Introduce students to the basic concepts of game theory.
  • Develop intuition on how to analyse situations as games.
  • Introduce students to the ideas of behavioural and experimental economics.
  • Develop an understanding of how irrational behaviour affects decision making.


Prof. Kaustubh Korde

Visiting Faculty, FLAME University, India
Kaustubh has spent close to two decades in the IT industry, where he has mostly spearheaded growth and strategy initiatives. He has also been an entrepreneur for ten years. His past and present clients include large global automobile companies, high tech manufacturers, banks, and insurance companies. Kaustubh is an engineer and an alumnus of IIFT New Delhi and IIM Ahmedabad.

Dr. Viswanath Pingali (Guest Lectures)

Faculty, Indian Institute of Management-Ahmedabad, India
Prof Viswanath Pingali is a faculty member in the economics area at Indian Institute of Management, Ahmedabad. His research interests are empirically modelling pricing and competitive strategy of the firms, and behavioural economics. His current research involves modelling competition in the microfinance sector, electricity markets and the Indian pharmaceutical market. Viswanath’s research appeared in leading international and national journals like International Journal of Industrial Organization, Economic and Political Weekly, Applied Economics Letters, etc., and is under review at several other journals. Viswanath has completed his Bachelors’ degree with honours in economics from Sri Satya Sai University, where he won Kanika Pandit Memorial Gold Medal for obtaining the top grade in economics. Following that he obtained Master’s in Science with specialization in quantitative economics from Indian Statistical Institute, Calcutta, where he won a Government of India scholarship. Subsequently, he obtained a PhD in economics from Northwestern University, USA. His PhD dissertation looks at empirically and theoretically modelling price dispersion in competitive environments Following his PhD, he worked in Cornerstone Research, a consulting firm that specializes in litigation matters pertaining to antitrust, intellectual property and securities market fraud. Before joining IIMA , Viswanath also worked in strategic planning in the bio-tech division of Dr. Reddy’s Laboratories in Hyderabad. Currently, at IIM A, Viswanath teaches courses on managerial economics, game theory, econometrics, etc., both for the management students as well as research scholars. His academic consulting experience includes estimating the demand for natural gas, impact evaluation of the automobile sector in Gujarat, etc.

Program Dates & Time

5th - 14th July, 2022 (In-person).

Application Deadline

25th June, 2022.

Mode of Delivery

In-person only.

Course Fee

Rs. 10,000 (all inclusive).

Application Procedure

To apply the applicant must complete the application form at: https://www.flame.edu.in/academics/flame-summer-school/application-form.