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Explicit formulas for the asymptotic value and the asymptotic minmax of finite discounted absorbing games are provided. New simple proofs for the existence of the limits when the players are more and more patient (i.e. when the discount factor goes zero) are given. Similar characterizations for...
Persistent link: https://www.econbiz.de/10008793683
The recursive formula for the value of the zero-sum repeated games with incomplete information on both sides is known for a long time. As it is explained in the paper, the usual proof of this formula is in a sense non constructive : it just claims that the players are unable to guarantee a...
Persistent link: https://www.econbiz.de/10010750446
The aim of this paper is to provide a detailed analysis of the process of segregation formation. The claim is that segregation does not originate from prejudice or exogenous psychological factors. Rather it is the product of strategic interactions among social groups in a setting where one group...
Persistent link: https://www.econbiz.de/10010750463
This paper is concerned with multistage bidding models introduced by De Meyer and Moussa Saley (2002) to analyze the evolution of the price system at finance markets with asymmetric information. The zero-sum repeated games with incomplete information are considered modeling the bidding with...
Persistent link: https://www.econbiz.de/10008788854
In 1940 Schumpeter wrote a paper entitled: "The Meaning of Rationality in the Social Sciences", which was intended to …, that he took the initiative to start. In this paper Schumpeter develops thoroughly his own conception of rationality in … indeed interestingly anticipates some important debates concerning the problem of rationality and behavior in economics and …
Persistent link: https://www.econbiz.de/10010738554
I establish, in simple deterministic overlapping generations economies, that if each agent holds rationally formed expectations in the sense that any other expectations justifying his choices imply a smaller likelihood for the history he observes with limited memory, then there are rationally...
Persistent link: https://www.econbiz.de/10010750627
This paper focuses on the link between the economic conceptions of rationality and learning. Traditionally, most … is not the process of learning, but the result of learning: ‘a fully rational agent'. Heterodox rationality conceptions … such as the Simonian model of bounded rationality seem more compatible with the idea of learning. Bounded rationality …
Persistent link: https://www.econbiz.de/10010751001
The purpose of this paper is twofold. We first point out that violation of rationality axioms (SARP, GARP, WARP) do not …
Persistent link: https://www.econbiz.de/10009643767
Facing R. Sugden's criticism of our interpretation, it is shown in this paper that rationality appears as a possible … rationality through which Hume's theory is apprehended, is highly disputable, from the point of view of both standard choice … theory and Hume's theory of passions. Nonetheless, Sugden's criterion of rationality might be restated in Humean terms as a …
Persistent link: https://www.econbiz.de/10008789356
science and, thus, has neglected a specific kind of rationality (the “creative rationality”). Integrating this kind of … rationality in the design education drives us to invent“pedagogy of the adventure”. …
Persistent link: https://www.econbiz.de/10008789399