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Salience and strategy choice in 2 × 2 games
Leland, Jonathan W.; Schneider, Mark - In: Games 6 (2015) 4, pp. 521-559
We present a model of boundedly rational play in single-shot 2 × 2 games. Players choose strategies based on the perceived salience of their own payoffs and, if own-payoff salience is uninformative, on the perceived salience of their opponent's payoffs. When own payoffs are salient, the model's...
Persistent link: https://www.econbiz.de/10011383906
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How cognitive skills affect strategic behavior : cognitive ability, fluid intelligence and judgment
Gill, David; Knepper, Zachary; Prowse, Victoria; Zhou, Junya - 2024
Nash equilibrium action is zero). Using the level-k model of bounded rationality, cognitive ability and judgment both …
Persistent link: https://www.econbiz.de/10014584425
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Psychology and economics rather than psychology versus economics : cultural differences but no barriers!
Brandstätter, Hermann; Güth, Werner; Kliemt, Hartmut - 2008
disciplinary specialization. -- Bounded rationality ; game theory ; satisficing ; interdisciplinary research ; experimental …
Persistent link: https://www.econbiz.de/10003809939
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Information, Irrationality and the Evolution of Trust
Manapat, Michael; Nowak, Martin; Rand, David G. - 2012
Trust is a central component of social and economic interactions among humans. While rational self-interest dictates that "investors" should not be trusting and "trustees" should not be trustworthy in one-shot anonymous interactions, behavioral experiments with the "trust game" have found that...
Persistent link: https://www.econbiz.de/10014168027
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The Rationality of Irrationality for Managers : Returns-Based Beliefs and the Traveler's Dilemma
Velu, Chander K. - 2009
This paper discusses the importance of paradoxes of irrationality for managers by elaborating upon the rational basis for the adoption of non-equilibrium strategies in game theory. It does so by revisiting the one-shot Traveler's Dilemma game, proposing a solution which reconciles the anomaly...
Persistent link: https://www.econbiz.de/10012719536
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Homo oeconomicus as the homo moralis' party pooper : heterogenous morality in public good games
Eichner, Thomas; Runkel, Marco - 2024
The main insight of this paper is that moral behavior does not necessarily alleviate coordination problems or may even worsen them, if individuals possess different degrees of morality. We characterize heterogenous Alger-Weibull morality preferences in a canonical model of voluntary...
Persistent link: https://www.econbiz.de/10014632345
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Imperfect recall and time inconsistencies : an experimental test of the absentminded driver “paradox”
Levati, M. Vittoria; Uhl, Matthias; Zultan, Ro'i - 2010
Absentmindedness is a special case of imperfect recall which according to Piccione and Rubinstein (1997a) leads to time inconsistencies. Aumann, Hart and Perry (1997a) question their argument and show how dynamic inconsistencies can be resolved. The present paper explores this issue from a...
Persistent link: https://www.econbiz.de/10003980493
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Cognitive hierarchies and the centipede game
Bottero, Margherita - 2010 - Rev. October 1, 2010
In the present work, I adopt the cognitive hierarchy approach to analyze the centipede game. To this end, I present and study an extensive-form version of Camerer et al.'s (2004) original normal-form model. The resulting predictions are evaluated empirically using laboratory data borrowed from a...
Persistent link: https://www.econbiz.de/10003926375
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Best responding to what? : a behavioral approach to one shot play in 2x2 games
Gallice, Andrea - 2007
We introduce a simple procedure to be used for selecting the strategies most likely to be played by inexperienced agents who interact in one shot 2x2 games. We start with an axiomatic description of a function that may capture players' beliefs. Various proposals connected with the concept of...
Persistent link: https://www.econbiz.de/10010439356
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Beyond quantified ignorance : rebuilding rationality without the bias bias
Brighton, Henry - 2019
If we reassess the rationality question under the assumption that the uncertainty of the natural world is largely … theory of ecological rationality. The main casualty of this rebuilding process is optimality. Once we view optimality as a … formal implication of quantified uncertainty rather than an ecologically meaningful objective, the rationality question …
Persistent link: https://www.econbiz.de/10011990913