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Author : Martin J. Osborne
Publisher :
ISBN 13 :
Total Pages : 56 pages
Book Rating : 4.3/5 ( download)
Download or read book Games with Procedurally Rational Players written by Martin J. Osborne and published by . This book was released on 1997 with total page 56 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Rajiv Sethi
Publisher :
ISBN 13 :
Total Pages : 0 pages
Book Rating : 4.:/5 (137 download)
Download or read book Stability of Equilibria in Games with Procedurally Rational Players written by Rajiv Sethi and published by . This book was released on 1999 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: One approach to the modeling of bounded rationality in strategic environments is based on the dynamics of evolution and learning in games. An entirely different approach has been developed recently by Osborne and Rubinstein (1998). This latter approach is static and equilibrium based, but relies on less stringent assumptions regarding the knowledge and understanding of players than does the standard theory of Nash equilibrium. This paper formalizes Osborne and Rubinstein's dynamic interpretation of their equilibrium concept and thereby facilitates a comparison of this approach with the explicitly dynamic approach of evolutionary game theory. It turns out that the two approaches give rise to radically different static and dynamic predictions. For instance, dynamically stable equilibria can involve the playing of strictly dominated actions, and equilibria in which strictly dominant actions are played with probability 1 can be unstable. Sufficient conditions for the instability of equilibria are provided for symmetric and asymmetric games.
Download or read book Playing Off-line Games with Bounded Rationality written by and published by . This book was released on 2008 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: We study a two-person zero-sum game where players simultaneously choose sequences of actions, and the overall payoff is the average of a one-shot payoff over the joint sequence. We consider the maxmin value of the game played in pure strategies by boundedly rational players and model bounded rationality by introducing complexity limitations. First we define the complexity of a sequence by its smallest period (a nonperiodic sequence being of infinite complexity) and study the maxmin of the game where player 1 is restricted to strategies with complexity at most n and player 2 is restricted to strategies with complexity at most m. We study the asymptotics of this value and a complete characterization in the matching pennies case. We extend the analysis of matching pennies to strategies with bounded recall.
Author : Alfred R. Mele
Publisher : Oxford University Press
ISBN 13 : 9780198033240
Total Pages : 498 pages
Book Rating : 4.0/5 (332 download)
Download or read book The Oxford Handbook of Rationality written by Alfred R. Mele and published by Oxford University Press. This book was released on 2004-01-08 with total page 498 pages. Available in PDF, EPUB and Kindle. Book excerpt: Rationality has long been a central topic in philosophy, crossing standard divisions and categories. It continues to attract much attention in published research and teaching by philosophers as well as scholars in other disciplines, including economics, psychology, and law. The Oxford Handbook of Rationality is an indispensable reference to the current state of play in this vital and interdisciplinary area of study. Twenty-two newly commissioned chapters by a roster of distinguished philosophers provide an overview of the prominent views on rationality, with each author also developing a unique and distinctive argument.
Author : Ariel Rubinstein
Publisher : MIT Press
ISBN 13 : 9780262681001
Total Pages : 226 pages
Book Rating : 4.6/5 (81 download)
Download or read book Modeling Bounded Rationality written by Ariel Rubinstein and published by MIT Press. This book was released on 1998 with total page 226 pages. Available in PDF, EPUB and Kindle. Book excerpt: The notion of bounded rationality was initiated in the 1950s by Herbert Simon; only recently has it influenced mainstream economics. In this book, Ariel Rubinstein defines models of bounded rationality as those in which elements of the process of choice are explicitly embedded. The book focuses on the challenges of modeling bounded rationality, rather than on substantial economic implications. In the first part of the book, the author considers the modeling of choice. After discussing some psychological findings, he proceeds to the modeling of procedural rationality, knowledge, memory, the choice of what to know, and group decisions.In the second part, he discusses the fundamental difficulties of modeling bounded rationality in games. He begins with the modeling of a game with procedural rational players and then surveys repeated games with complexity considerations. He ends with a discussion of computability constraints in games. The final chapter includes a critique by Herbert Simon of the author's methodology and the author's response. The Zeuthen Lecture Book series is sponsored by the Institute of Economics at the University of Copenhagen.
Author : Riccardo Viale
Publisher : Routledge
ISBN 13 : 1317330803
Total Pages : 681 pages
Book Rating : 4.3/5 (173 download)
Download or read book Routledge Handbook of Bounded Rationality written by Riccardo Viale and published by Routledge. This book was released on 2020-12-02 with total page 681 pages. Available in PDF, EPUB and Kindle. Book excerpt: Herbert Simon’s renowned theory of bounded rationality is principally interested in cognitive constraints and environmental factors and influences which prevent people from thinking or behaving according to formal rationality. Simon’s theory has been expanded in numerous directions and taken up by various disciplines with an interest in how humans think and behave. This includes philosophy, psychology, neurocognitive sciences, economics, political science, sociology, management, and organization studies. The Routledge Handbook of Bounded Rationality draws together an international team of leading experts to survey the recent literature and the latest developments in these related fields. The chapters feature entries on key behavioural phenomena, including reasoning, judgement, decision making, uncertainty, risk, heuristics and biases, and fast and frugal heuristics. The text also examines current ideas such as fast and slow thinking, nudge, ecological rationality, evolutionary psychology, embodied cognition, and neurophilosophy. Overall, the volume serves to provide the most complete state-of-the-art collection on bounded rationality available. This book is essential reading for students and scholars of economics, psychology, neurocognitive sciences, political sciences, and philosophy.
Author : Segismundo Izquierdo
Publisher :
ISBN 13 :
Total Pages : 0 pages
Book Rating : 4.:/5 (137 download)
Download or read book Strategy Sets Closed Under Payoff Sampling written by Segismundo Izquierdo and published by . This book was released on 2022 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: We consider population games played by procedurally rational players who, when revising their current strategy, test each of their available strategies independently in a series of random matches -i.e., a battery of tests-, and then choose the strategy that performed best in this battery of tests. This revision protocol leads to the so-called payoff-sampling dynamics (aka test-all Best Experienced Payoff dynamics).In this paper we characterize the support of all the rest points of these dynamics in any game and analyze the asymptotic stability of the faces to which they belong.We do this by defining strategy sets closed under payoff sampling, and by proving that the identification of these sets can be made in terms of simple comparisonsbetween some of the payoffs of the game.
Author : Ran Spiegler
Publisher : Oxford University Press
ISBN 13 : 0199924236
Total Pages : 269 pages
Book Rating : 4.1/5 (999 download)
Download or read book Bounded Rationality and Industrial Organization written by Ran Spiegler and published by Oxford University Press. This book was released on 2011-02-18 with total page 269 pages. Available in PDF, EPUB and Kindle. Book excerpt: Conventional economic theory assumes that consumers are fully rational, that they have well-defined preferences and easily understand the market environment. Yet, in fact, consumers may have inconsistent, context-dependent preferences or simply not enough brain-power to evaluate and compare complicated products. Thus the standard model of consumer behavior-which depends on an ideal market in which consumers are boundlessly rational-is called into question. While behavioral economists have for some time confirmed and characterized these inconsistencies, the logical next step is to examine the implications they have in markets. Grounded in key observations in consumer psychology, Bounded Rationality and Industrial Organization develops non-standard models of “boundedly rational” consumer behavior and embeds them into familiar models of markets. It then rigorously analyses each model in the tradition of microeconomic theory, leading to a richer, more realistic picture of consumer behavior. Ran Spiegler analyses phenomena such as exploitative price plans in the credit market, complexity of financial products and other obfuscation practices, consumer antagonism to unexpected price increases, and the role of default options in consumer decision making. Spiegler unifies the relevant literature into three main strands: limited ability to anticipate and control future choices, limited ability to understand complex market environments, and sensitivity to reference points. Although the challenge of enriching the psychology of decision makers in economic models has been at the frontier of theoretical research in the last decade, there has been no graduate-level, theory-oriented textbook to cover developments in the last 10-15 years. Thus, Bounded Rationality and Industrial Organization offers a welcome and crucial new understanding of market behavior-it challenges conventional wisdom in ways that are interesting and economically significant, and which in the end effect the well-being of all market participants.
Author : David Canning
Publisher :
ISBN 13 :
Total Pages : 60 pages
Book Rating : 4.F/5 ( download)
Download or read book Rationality and Game Theory when Players are Turing Machines written by David Canning and published by . This book was released on 1988 with total page 60 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Philip Mirowski
Publisher : Cambridge University Press
ISBN 13 : 9780521775267
Total Pages : 674 pages
Book Rating : 4.7/5 (752 download)
Download or read book Machine Dreams written by Philip Mirowski and published by Cambridge University Press. This book was released on 2002 with total page 674 pages. Available in PDF, EPUB and Kindle. Book excerpt: This is the first cross-over book into the history of science written by an historian of economics. It shows how 'history of technology' can be integrated with the history of economic ideas. The analysis combines Cold War history with the history of postwar economics in America and later elsewhere, revealing that the Pax Americana had much to do with abstruse and formal doctrines such as linear programming and game theory. It links the literature on 'cyborg' to economics, an element missing in literature to date. The treatment further calls into question the idea that economics has been immune to postmodern currents, arguing that neoclassical economics has participated in the deconstruction of the integral 'self'. Finally, it argues for an alliance of computational and institutional themes, and challenges the widespread impression that there is nothing else besides American neoclassical economic theory left standing after the demise of Marxism.
Author : Graham Mallard
Publisher : Routledge
ISBN 13 : 131765384X
Total Pages : 143 pages
Book Rating : 4.3/5 (176 download)
Download or read book Bounded Rationality and Behavioural Economics written by Graham Mallard and published by Routledge. This book was released on 2015-08-14 with total page 143 pages. Available in PDF, EPUB and Kindle. Book excerpt: Economics Nobel Laureate Herbert Simon developed the concept of bounded rationality in the 1950s. This asserts that the cognitive abilities of human decision-makers are not always sufficient to find optimal solutions to complex real-life problems, leading decision-makers to find satisfactory, sub-optimal outcomes. This was a foundational component of the development of Behavioural Economics but in recent years the two fields have diverged, each with its own literature, its own approach and its own proponents. Behavioural Economics explores the areas of commonality between Economics and Psychology, in terms of its focus and its approach, whereas the bounded rationality literature largely analyses the implications of sub-optimal decision‐making through the mathematically sophisticated methodology of mainstream Economics. This book examines the nature and consequences of this divergence and questions whether this is a case of beneficial specialisation or whether it is unhelpful, potentially stunting the development of some aspects of Economics. It has been suggested that the major deficiency of Behavioural Economics is that it has failed to produce a single, widely applicable alternative to constrained optimisation. This book evaluates the extent to which this is the true and, if it is, the extent to which it is a product of the divergence between the two literatures. It also seeks to identify commonalities between the two subjects and suggests avenues of research in Economics that would benefit from a re-fusion of these two fields.
Author : Vicki M. Bier
Publisher : Springer Science & Business Media
ISBN 13 : 0387877673
Total Pages : 239 pages
Book Rating : 4.3/5 (878 download)
Download or read book Game Theoretic Risk Analysis of Security Threats written by Vicki M. Bier and published by Springer Science & Business Media. This book was released on 2008-10-20 with total page 239 pages. Available in PDF, EPUB and Kindle. Book excerpt: Game Theoretic Risk Analysis of Security Threats introduces reliability and risk analysis in the face of threats by intelligent agents. More specifically, game-theoretic models are developed for identifying optimal and/or equilibrium defense and attack strategies in systems of varying degrees of complexity. The book covers applications to networks, including problems in both telecommunications and transportation. However, the book’s primary focus is to integrate game theory and reliability methodologies into a set of techniques to predict, detect, diminish, and stop intentional attacks at targets that vary in complexity. In this book, Bier and Azaiez highlight work by researchers who combine reliability and risk analysis with game theory methods to create a set of functional tools that can be used to offset intentional, intelligent threats (including threats of terrorism and war). These tools will help to address problems of global security and facilitate more cost-effective defensive investments.
Author : Schrier, Karen
Publisher : IGI Global
ISBN 13 : 160960122X
Total Pages : 406 pages
Book Rating : 4.6/5 (96 download)
Download or read book Designing Games for Ethics: Models, Techniques and Frameworks written by Schrier, Karen and published by IGI Global. This book was released on 2010-12-31 with total page 406 pages. Available in PDF, EPUB and Kindle. Book excerpt: "This book brings together the diverse and growing community of voices on ethics in gaming and begins to define the field, identify its primary challenges and questions, and establish the current state of the discipline"--Provided by publisher.
Author : Morgen Witzel
Publisher : OUP Oxford
ISBN 13 : 0191645370
Total Pages : 624 pages
Book Rating : 4.1/5 (916 download)
Download or read book The Oxford Handbook of Management Theorists written by Morgen Witzel and published by OUP Oxford. This book was released on 2013-02-28 with total page 624 pages. Available in PDF, EPUB and Kindle. Book excerpt: Concurrent with the increasing complexity of the field of management, the need to re-examine the foundations from which its theories have advanced has become ever more important and useful. The Oxford Handbook of Management Theorists examines and evaluates the contributions that seminal figures, past and present, have made to the theory of management by providing in-depth, up-to-date, and detailed scholarly analysis of their ideas and influence. Chapters by leading management and management history scholars explore the origins of each thinker or school of thought and their ideas, and discuss the significance and influence in a broader framework. The Handbook contextualises each theorist and their theories, analysing their actions, interactions, and re-actions to contemporary events and to each other. It is arranged in three parts: pioneers of management thinking from Frederick Taylor to Chester Barnard; post-war theorists, such as the Tavistock Institute and Edith Penrose; and the later phase of Business School theorists, including Alfred Chandler, Michael Porter, and Ikujiro Nonaka. This book will be essential reading for anyone interested in how and why management ideas have emerged, and the ways in which they are currently developing and will evolve in the future.
Author : Steven Orla Kimbrough
Publisher : CRC Press
ISBN 13 : 1439834717
Total Pages : 506 pages
Book Rating : 4.4/5 (398 download)
Download or read book Agents, Games, and Evolution written by Steven Orla Kimbrough and published by CRC Press. This book was released on 2011-12-19 with total page 506 pages. Available in PDF, EPUB and Kindle. Book excerpt: Games, or contexts of strategic interaction, pervade and suffuse our lives and the lives of all organisms. How are we to make sense of and cope with such situations? How should an agent play? When will and when won't cooperation arise and be maintained? Using examples and a careful digestion of the literature, Agents, Games, and Evolution: Strategies at Work and Play addresses these encompassing themes throughout, and is organized into four parts: Part I introduces classical game theory and strategy selection. It compares ideally rational and the "naturalist" approach used by this book, which focuses on how actual agents chose their strategies, and the effects of these strategies on model systems. Part II explores a number of basic games, using models in which agents have fixed strategies. This section draws heavily on the substantial literature associated with the relevant application areas in the social sciences. Part III reviews core results and applications of agent-based models in which strategic interaction is present and for which design issues have genuine practical import. This section draws heavily on the substantial literature associated with the application area to hand. Part IV addresses miscellaneous topics in strategic interaction, including lying in negotiations, reasoning by backward induction, and evolutionary models. Modelled after the authors' Agents, Games, and Evolution course at the University of Pennsylvania, this book keeps mathematics to a minimum, focusing on computational strategies and useful methods for dealing with a variety of situations.
Author : Ilhan K. Geckil
Publisher : CRC Press
ISBN 13 : 158488844X
Total Pages : 222 pages
Book Rating : 4.5/5 (848 download)
Download or read book Applied Game Theory and Strategic Behavior written by Ilhan K. Geckil and published by CRC Press. This book was released on 2016-04-19 with total page 222 pages. Available in PDF, EPUB and Kindle. Book excerpt: Useful Tools to Help Solve Decision Making ProblemsApplied Game Theory and Strategic Behavior demonstrates the use of various game theory techniques to address practical business, economic, legal, and public policy issues. It also illustrates the benefits of employing strategic thinking that incorporates the uncertainty surrounding the behavior of
Author : John H. Kagel
Publisher : Princeton University Press
ISBN 13 : 1400883172
Total Pages : 776 pages
Book Rating : 4.4/5 (8 download)
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 2016-09-20 with total page 776 pages. Available in PDF, EPUB and Kindle. Book excerpt: An indispensable survey of new developments and results in experimental economics When The Handbook of Experimental Economics first came out in 1995, the notion of economists conducting lab experiments to generate data was relatively new. Since then, the field has exploded. This second volume of the Handbook covers some of the most exciting new growth areas in experimental economics, presents the latest results and experimental methods, and identifies promising new directions for future research. Featuring contributions by leading practitioners, the Handbook describes experiments in macroeconomics, charitable giving, neuroeconomics, other-regarding preferences, market design, political economy, subject population effects, gender effects, auctions, and learning and the economics of small decisions. Contributors focus on key developments and report on experiments, highlighting the dialogue between experimenters and theorists. While most of the experiments consist of laboratory studies, the book also includes several chapters that report extensively on field experiments related to the subject area studied. Covers exciting new growth areas in experimental economics Features contributions by leading experts Describes experiments in macroeconomics, charitable giving, neuroeconomics, market design, political economy, gender effects, auctions, and more Highlights the dialogue by experimenters with theorists and each other Includes several chapters covering field experiments related to the subject area studied
