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A central question in game theory and artificial intelligence is how a rational agent should behave in a complex environment, given that it cannot perform unbounded computations. We study strategic aspects of this question by formulating a simple model of a game with additional costs...
Persistent link: https://www.econbiz.de/10005252470
This paper presents a model that distinguishes between decentralized information processing and decentralized decision making in organizations; it shows that decentralized decision making can be advantageous due to computational delay, even in the absence of communication costs. The key feature...
Persistent link: https://www.econbiz.de/10005766632
We use a model of real-time decentralized information processing to understand how constraints on human information processing affect the returns to scale of organizations. We identify three informational (dis)economies of scale: diversification of heterogeneous risks (positive), sharing of...
Persistent link: https://www.econbiz.de/10005766680
This is a draft of a chapter for a book called "Game Theory, 5 Questions," to be published by Automatic Pressed/VIP.Below are five questions and my answers. Any feedback is appreciated.
Persistent link: https://www.econbiz.de/10005588600