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Bounded Rational Behavior In Experimental Games And Markets
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Book Synopsis Bounded Rational Behavior in Experimental Games and Markets by : Reinhard Tietz
Download or read book Bounded Rational Behavior in Experimental Games and Markets written by Reinhard Tietz and published by Springer Science & Business Media. This book was released on 2012-12-06 with total page 369 pages. Available in PDF, EPUB and Kindle. Book excerpt: The book reports on recent experimental research on expectations and decision making in bargaining, markets, auctions, or coalition formation situations. The investi- gated topics deliver building stones for a bounded rational theory as an approach to explain behavior and interpersonal interactions in economic and social relationships.
Book Synopsis Advances in Understanding Strategic Behaviour by : S. Huck
Download or read book Advances in Understanding Strategic Behaviour written by S. Huck and published by Springer. This book was released on 2004-10-29 with total page 341 pages. Available in PDF, EPUB and Kindle. Book excerpt: This volume contains sixteen original articles documenting recent progress in understanding strategic behaviour. In their variety they reflect an entire spectrum of coexisting approaches: from orthodox game theory via behavioural game theory, bounded rationality and economic psychology to experimental economics. There are plenty of new models and insights but the book also illustrates the boundaries of what we know today and explains the frontiers of tomorrow. The articles were written in honour of Werner Güth.
Book Synopsis Markets, Games, and Strategic Behavior by : Charles A. Holt
Download or read book Markets, Games, and Strategic Behavior written by Charles A. Holt and published by Princeton University Press. This book was released on 2019-03-19 with total page 695 pages. Available in PDF, EPUB and Kindle. Book excerpt: First edition published: Boston: Pearson Addison Wesley, 2007.
Book Synopsis Behavioral Game Theory by : Russell Golman
Download or read book Behavioral Game Theory written by Russell Golman and published by MDPI. This book was released on 2021-01-07 with total page 128 pages. Available in PDF, EPUB and Kindle. Book excerpt: How do interacting decision-makers make strategic choices? If they’re rational and can somehow predict each other’s behavior, they may find themselves in a Nash equilibrium. However, humans display pervasive and systematic departures from rationality. They often do not conform to the predictions of the Nash equilibrium, or its various refinements. This has led to the growth of behavioral game theory, which accounts for how people actually make strategic decisions by incorporating social preferences, bounded rationality (for example, limited iterated reasoning), and learning from experience. This book brings together new advances in the field of behavioral game theory that help us understand how people actually make strategic decisions in game-theoretic situations.
Book Synopsis Bounded Rationality by : Gerd Gigerenzer
Download or read book Bounded Rationality written by Gerd Gigerenzer and published by MIT Press. This book was released on 2002-07-26 with total page 404 pages. Available in PDF, EPUB and Kindle. Book excerpt: In a complex and uncertain world, humans and animals make decisions under the constraints of limited knowledge, resources, and time. Yet models of rational decision making in economics, cognitive science, biology, and other fields largely ignore these real constraints and instead assume agents with perfect information and unlimited time. About forty years ago, Herbert Simon challenged this view with his notion of "bounded rationality." Today, bounded rationality has become a fashionable term used for disparate views of reasoning. This book promotes bounded rationality as the key to understanding how real people make decisions. Using the concept of an "adaptive toolbox," a repertoire of fast and frugal rules for decision making under uncertainty, it attempts to impose more order and coherence on the idea of bounded rationality. The contributors view bounded rationality neither as optimization under constraints nor as the study of people's reasoning fallacies. The strategies in the adaptive toolbox dispense with optimization and, for the most part, with calculations of probabilities and utilities. The book extends the concept of bounded rationality from cognitive tools to emotions; it analyzes social norms, imitation, and other cultural tools as rational strategies; and it shows how smart heuristics can exploit the structure of environments.
Book Synopsis Routledge Handbook of Behavioral Economics by : Roger Frantz
Download or read book Routledge Handbook of Behavioral Economics written by Roger Frantz and published by Routledge. This book was released on 2016-08-05 with total page 435 pages. Available in PDF, EPUB and Kindle. Book excerpt: There is no doubt that behavioral economics is becoming a dominant lens through which we think about economics. Behavioral economics is not a single school of thought but representative of a range of approaches, and uniquely, this volume presents an overview of them. The wide spectrum of international contributors each provides an exploration of a central approach, aspect or topic in behavorial economics. Taken together, the whole volume provides a comprehensive overview of the subject which considers both key developments and future possibilities. Part One presents several different approaches to behavioural economics, including George Katona, Ken Boulding, Harvey Leibenstein, Vernon Smith, Herbert Simon, Gerd Gigerenzer, Daniel Kahneman, and Richard Thaler. This section looks at the origins and development of behavioral economics and compares and contrasts the work of these scholars who have been so influential in making this area so prominent. Part Two presents applications of behavioural economics including nudging; heuristics; emotions and morality; behavioural political economy, education, and economic innovation. The Routledge Handbook of Behavioral Economics is ideal for advanced economics students and faculty who are looking for a complete state-of-the-art overview of this dynamic field.
Book Synopsis Games and Human Behavior by : David V. Budescu
Download or read book Games and Human Behavior written by David V. Budescu and published by Psychology Press. This book was released on 2019-06-13 with total page 448 pages. Available in PDF, EPUB and Kindle. Book excerpt: Human behavior often violates the predictions of rational choice theory. This realization has caused many social psychologists and experimental economists to attempt to develop an experimentally-based variant of game theory as an alternative descriptive model. The impetus for this book is the interest in the development of such a theory that combines elements from both disciplines and appeals to both. The editors have brought together leading researchers in the fields of experimental economics, behavioral game theory, and social dilemmas to engage in constructive dialogue across disciplinary boundaries. This book offers a comprehensive overview of the new insights into the motivation of human behavior under a variety of naturally or artificially induced incentive structures that are emerging from their work. Amnon Rapoport--a pioneer and leader in experimental study and quantitative modeling of human decisions in social and interactive contexts--is honored.
Book Synopsis Surveys in Experimental Economics by : Friedel Bolle
Download or read book Surveys in Experimental Economics written by Friedel Bolle and published by Springer Science & Business Media. This book was released on 2012-12-06 with total page 259 pages. Available in PDF, EPUB and Kindle. Book excerpt: Experimental Economics has experienced a steadily growing interest by economists during the last decade. This may not surprise since laboratory and field experiments obviously provide a further valuable source of empirical evidence of economic behavior besides statistics, econometrics, polls, interviews and simulations. In an overview of the recent developments in Experimental Economics, the present book concentrates on three central themes standing in the actual research focus: bargaining, cooperation and election markets. For each one of these topics the volume presents several state-of-the-art survey articles by experts in the field, accompanied by detailed comments. While the experimental approach sheds new light on the microeconomic standard topics of bargaining and cooperation, the election market approach as a new field may provide better forecasts for political elections - and for soccer World Championships.
Book Synopsis The Handbook of Experimental Economics by : John H. Kagel
Download or read book The Handbook of Experimental Economics written by John H. Kagel and published by Princeton University Press. This book was released on 2020-05-05 with total page 742 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book, which comprises eight chapters, presents a comprehensive critical survey of the results and methods of laboratory experiments in economics. The first chapter provides an introduction to experimental economics as a whole, with the remaining chapters providing surveys by leading practitioners in areas of economics that have seen a concentration of experiments: public goods, coordination problems, bargaining, industrial organization, asset markets, auctions, and individual decision making. The work aims both to help specialists set an agenda for future research and to provide nonspecialists with a critical review of work completed to date. Its focus is on elucidating the role of experimental studies as a progressive research tool so that wherever possible, emphasis is on series of experiments that build on one another. The contributors to the volume--Colin Camerer, Charles A. Holt, John H. Kagel, John O. Ledyard, Jack Ochs, Alvin E. Roth, and Shyam Sunder--adopt a particular methodological point of view: the way to learn how to design and conduct experiments is to consider how good experiments grow organically out of the issues and hypotheses they are designed to investigate.
Book Synopsis Behavioral Game Theory by : Colin F. Camerer
Download or read book Behavioral Game Theory written by Colin F. Camerer and published by Princeton University Press. This book was released on 2011-09-05 with total page 568 pages. Available in PDF, EPUB and Kindle. Book excerpt: Game theory, the formalized study of strategy, began in the 1940s by asking how emotionless geniuses should play games, but ignored until recently how average people with emotions and limited foresight actually play games. This book marks the first substantial and authoritative effort to close this gap. Colin Camerer, one of the field's leading figures, uses psychological principles and hundreds of experiments to develop mathematical theories of reciprocity, limited strategizing, and learning, which help predict what real people and companies do in strategic situations. Unifying a wealth of information from ongoing studies in strategic behavior, he takes the experimental science of behavioral economics a major step forward. He does so in lucid, friendly prose. Behavioral game theory has three ingredients that come clearly into focus in this book: mathematical theories of how moral obligation and vengeance affect the way people bargain and trust each other; a theory of how limits in the brain constrain the number of steps of "I think he thinks . . ." reasoning people naturally do; and a theory of how people learn from experience to make better strategic decisions. Strategic interactions that can be explained by behavioral game theory include bargaining, games of bluffing as in sports and poker, strikes, how conventions help coordinate a joint activity, price competition and patent races, and building up reputations for trustworthiness or ruthlessness in business or life. While there are many books on standard game theory that address the way ideally rational actors operate, Behavioral Game Theory stands alone in blending experimental evidence and psychology in a mathematical theory of normal strategic behavior. It is must reading for anyone who seeks a more complete understanding of strategic thinking, from professional economists to scholars and students of economics, management studies, psychology, political science, anthropology, and biology.
Book Synopsis Bargaining in a Video Experiment by : Heike Hennig-Schmidt
Download or read book Bargaining in a Video Experiment written by Heike Hennig-Schmidt and published by Springer Science & Business Media. This book was released on 2012-12-06 with total page 231 pages. Available in PDF, EPUB and Kindle. Book excerpt: Bilateral bargaining situations are of great importance in reality. Traditional microeconomics, however, make cognitive and motivational assumptions of subjects` full rationality that are revealed as being unrealistic by a growing number of experimental investigations. The present book adds an important contribution to the understanding of principles of boundedly rational behavior by directly observing groups of subjects in a decision situation and videotaping their discussions. A very important result of the book is that the behavior of subjects is guided by aspirations regarding the final outcome. The levels of aspirations are influenced by prominence and different forms of the equity principle resulting in several fairness norms as to the allocation of the amount of money to be divided. Another important feature of the book stems from the analysis of break off discussions and enables a motivational explanation of the emergence of breakdowns in bargaining.
Book Synopsis Game Equilibrium Models IV by : Reinhard Selten
Download or read book Game Equilibrium Models IV written by Reinhard Selten and published by Springer Science & Business Media. This book was released on 2013-04-17 with total page 372 pages. Available in PDF, EPUB and Kindle. Book excerpt: The four volumes of Game Equilibrium Models present applications of non-cooperative game theory. Problems of strategic interaction arising in biology, economics, political science and the social sciences in general are treated in 42 papers on a wide variety of subjects. Internationally known authors with backgrounds in various disciplines have contributed original research. The reader finds innovative modelling combined with advanced methods of analysis. The four volumes are the outcome of a research year at the Center for Interdisciplinary Studies of the University of Bielefeld. The close interaction of an international interdisciplinary group of researchers has produced an unusual collection of remarkable results of great interest for everybody who wants to be informed on the scope, potential, and future direction of work in applied game theory. Volume IV Social and Political Interaction contains game equilibrium models focussing on social and political interaction within communities or states or between states, i.e. national and international social and political interaction. Specific aspects of those interactions are modelled as non-cooperative games and their equilibria are analysed.
Book Synopsis Cooperation: Game-Theoretic Approaches by : Sergiu Hart
Download or read book Cooperation: Game-Theoretic Approaches written by Sergiu Hart and published by Springer Science & Business Media. This book was released on 2012-12-06 with total page 331 pages. Available in PDF, EPUB and Kindle. Book excerpt: Issues relating to the emergence, persistence, and stability of cooperation among social agents of every type are widely recognized to be of paramount importance. They are also analytically difficult and intellectually challenging. This book, arising from a NATO Advanced Study Institute held at SUNY in 1994, is an up-to-date presentation of the contribution of game theory to the subject. The contributors are leading specialists who focus on the problem from the many different angles of game theory, including axiomatic bargaining theory, the Nash program of non-cooperative foundations, game with complete information, repeated and sequential games, bounded rationality methods, evolutionary theory, experimental approaches, and others. Together they offer significant progress in understanding cooperation.
Book Synopsis Experimental Business Research by : Rami Zwick
Download or read book Experimental Business Research written by Rami Zwick and published by Springer Science & Business Media. This book was released on 2013-03-14 with total page 408 pages. Available in PDF, EPUB and Kindle. Book excerpt: Experimental Business Research includes papers that were presented at the First Asian Conference on Experimental Business Research held at the Hong Kong University of Science and Technology (HKUST), on December 7-10, 1999. The conference was organized by the Center for Experimental Business Research (cEBR) at the HKUST. The papers presented at the conference and a few others that were solicited especially for this volume contain original research on individual and interactive decision behavior in various branches of business research including, but not limited to, economics, marketing, management, finance, and accounting. Experimental Business Research is suitable as a secondary text for a graduate level course, and as a reference for researchers and practitioners in industry.
Book Synopsis Handbook of Experimental Economics Results by : Charles R. Plott
Download or read book Handbook of Experimental Economics Results written by Charles R. Plott and published by Elsevier. This book was released on 2008-08-21 with total page 1175 pages. Available in PDF, EPUB and Kindle. Book excerpt: While the field of economics makes sharp distinctions and produces precise theory, the work of experimental economics sometimes appears blurred and may produce uncertain results. The contributors to this volume have provided brief notes describing specific experimental results.
Book Synopsis The Handbook of Behavioral Operations by : Karen Donohue
Download or read book The Handbook of Behavioral Operations written by Karen Donohue and published by John Wiley & Sons. This book was released on 2018-10-16 with total page 688 pages. Available in PDF, EPUB and Kindle. Book excerpt: A comprehensive review of behavioral operations management that puts the focus on new and trending research in the field The Handbook of Behavioral Operations offers a comprehensive resource that fills the gap in the behavioral operations management literature. This vital text highlights best practices in behavioral operations research and identifies the most current research directions and their applications. A volume in the Wiley Series in Operations Research and Management Science, this book contains contributions from an international panel of scholars from a wide variety of backgrounds who are conducting behavioral research. The handbook provides succinct tutorials on common methods used to conduct behavioral research, serves as a resource for current topics in behavioral operations research, and as a guide to the use of new research methods. The authors review the fundamental theories and offer frameworks from a psychological, systems dynamics, and behavioral economic standpoint. They provide a crucial grounding for behavioral operations as well as an entry point for new areas of behavioral research. The handbook also presents a variety of behavioral operations applications that focus on specific areas of study and includes a survey of current and future research needs. This important resource: Contains a summary of the methodological foundations and in-depth treatment of research best practices in behavioral research. Provides a comprehensive review of the research conducted over the past two decades in behavioral operations, including such classic topics as inventory management, supply chain contracting, forecasting, and competitive sourcing. Covers a wide-range of current topics and applications including supply chain risk, responsible and sustainable supply chain, health care operations, culture and trust. Connects existing bodies of behavioral operations literature with related fields, including psychology and economics. Provides a vision for future behavioral research in operations. Written for academicians within the operations management community as well as for behavioral researchers, The Handbook of Behavioral Operations offers a comprehensive resource for the study of how individuals make decisions in an operational context with contributions from experts in the field.
Book Synopsis The Routledge Handbook of the Philosophy of Economics by : Conrad Heilmann
Download or read book The Routledge Handbook of the Philosophy of Economics written by Conrad Heilmann and published by Taylor & Francis. This book was released on 2021-11-29 with total page 533 pages. Available in PDF, EPUB and Kindle. Book excerpt: The most fundamental questions of economics are often philosophical in nature, and philosophers have, since the very beginning of Western philosophy, asked many questions that current observers would identify as economic. The Routledge Handbook of Philosophy of Economics is an outstanding reference source for the key topics, problems, and debates at the intersection of philosophical and economic inquiry. It captures this field of countless exciting interconnections, affinities, and opportunities for cross-fertilization. Comprising 35 chapters by a diverse team of contributors from all over the globe, the Handbook is divided into eight sections: I. Rationality II. Cooperation and Interaction III. Methodology IV. Values V. Causality and Explanation VI. Experimentation and Simulation VII. Evidence VIII. Policy The volume is essential reading for students and researchers in economics and philosophy who are interested in exploring the interconnections between the two disciplines. It is also a valuable resource for those in related fields like political science, sociology, and the humanities.
