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Mathematical economic theory is lacking in logical rigour. Even if the mathematics used in constructing formal economic … theory is rigorous as pure mathematics, economic theory possesses both mathematical and non-mathematical components. But … mathematical reductionism fails to formalize the non-mathematical components of economic theory, and the method of numerics …
Persistent link: https://www.econbiz.de/10009219429
Mathematical economic theory is lacking in logical rigour. Even if the mathematics used in constructing formal economic … theory is rigorous as pure mathematics, economic theory possesses both mathematical and non-mathematical components. But … mathematical reductionism fails to formalize the non-mathematical components of economic theory, and the method of numerics …
Persistent link: https://www.econbiz.de/10009219473
, theory, interpretation and local logic. Ontology Markup Language (OML), a subset of CKML that is a self-sufficient markup …
Persistent link: https://www.econbiz.de/10005727137
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
Analysts make competing claims about when and how politicians can use fear to gain support for suboptimal policies. Using a model, we clarify how common attributes of fear affect politicians’ abilities to achieve self-serving outcomes that are bad for voters. In it, a politician provides...
Persistent link: https://www.econbiz.de/10005836312
took up the Hobbist gauntlet in 1725. This article defends the modern version of Hobbism derived largely from game theory …
Persistent link: https://www.econbiz.de/10010789351
noted. Conventional theory focuses on the<br/>question ‘how will rational players play?’, and has the Nash equilibrium at …) and relaxations (rationalizability and correlated equilibria).<br/>Motivated by experiments that show systematic theory … violations, behavioral game<br/>theory aims to integrate insights from psychology to get better answers to the<br/>question ‘how …
Persistent link: https://www.econbiz.de/10011144456
Consumers are often unable to resist the temptation of overconsuming certain products such as cookies, crackers, soft drinks, alcohol, etc. To control their consumption, some consumers buy small packages or abstain from purchasing the product altogether. Other consumers, however, still purchase...
Persistent link: https://www.econbiz.de/10010630454
from, all payoffs—should not affect behavior. While this invariance is an implication of the theory when payoffs mirror …
Persistent link: https://www.econbiz.de/10010565739
the “rational strategy” provided by classical game theory and based on the notion of the Nasch equilibrium. This … quantum information theory. We also present numerical simulation for this quantum-like mental dynamics. It is non-Markovian by …
Persistent link: https://www.econbiz.de/10011057761