Showing 1 - 10 of 5,294
Persistent link: https://www.econbiz.de/10004074733
This paper is concerned with the realism of mechanisms that implement social choice functions in the traditional sense. Will the agents actually play the equilibrium assumed by the analysis? As an example, we study the dynamic implementation of the first-best solution for the so-called King...
Persistent link: https://www.econbiz.de/10005245510
are solved, all based on the model of individual rationality. Invariably, these institutional solutions involve creating … complement, though not displace, that of individual rationality. …
Persistent link: https://www.econbiz.de/10009654090
This paper explores some of the consequences of adopting a modern subjective view of probability for game theory. The … characterizes game theory since the work of von Neumann and Morgenstern. Many of the distinctions that appear important in … conventional game theory (two-person versus n-person, zero-sum versus variable sum) appear unimportant in the subjective …
Persistent link: https://www.econbiz.de/10009214552
. Subjective probability and the theory of games. Management Sci. 28 113--120; Kadane, J. B., P. D. Larkey. 1982. Reply to … Professor Harsanyi. Management Sci. 28 124.) and Harsanyi (Harsanyi, J. C. 1982. Subjective probability and the theory of games … Larkey. Management Sci. 28 124--125.) on the relative usefulness of game theory and decision theory for analyzing decisions …
Persistent link: https://www.econbiz.de/10009218039
How do individual agents enact the institutions that govern collective behavior in a social situation? How do individuals come to share self-enforcing expectations about collective behavior, so that societal rules and constraints have an effect on individual choice? Conventional accounts, such...
Persistent link: https://www.econbiz.de/10009367614
This paper is a brief history of game theory with its main theme being the nature of the decision makers assumed in the … what many believe to be progress in game theory. The first stage, classical game theory, is defined by John von Neumann …'s and Oskar Morgenstern's pioneering book "Game Theory and Economic Behaviour" which introduced the concept of individual …
Persistent link: https://www.econbiz.de/10008633413
Persistent link: https://www.econbiz.de/10005040773
consequences. But this simplification comes at a price: Aumann’s notion of Bayes rationality does not allow players to evaluate … framework enables us to analyze such counterfactual statements, and use it to introduce a notion of causal rationality. Under a …
Persistent link: https://www.econbiz.de/10005710945
Bioeconomics is a relatively young field that uses an expanded microeconomics to examine animal behavior, human behavior, and animal and human social institutions. A voluminous literature is rapidly accumulating. There are as yet no standard textbooks, but there are several excellent books...
Persistent link: https://www.econbiz.de/10005715833