Jules Hedges - compositional game theory - part III

Compositional game theory is an approach to game theory that is designed to have better mathematical (loosely “algebraic” and “geometric”) properties, while also being intended as a practical setting for microeconomic modelling. It gives a graphical representation of games in which the flow of information (the dependence of choices on observable information, and the dependence of payoffs on choices) is explicitly visualised, but which hides far more information than the extensive form and so is useful on far larger examples. The fundamental notion is an “open game”, a piece from which larger games can be built, somewhat analogous to modules in software.