Models Of Strategic Rationality

Download or read book Models of Strategic Rationality written by Reinhard Selten and published by Springer Science & Business Media. This book was released on 2013-03-09 with total page 319 pages. Available in PDF, EPUB and Kindle. Book excerpt: The papers collected in this volume relate to game theory. They aim at the elaboration and discussion of basic con cepts, at the analysis of specific applied models and at the evaluation of experimental evidence. A game is a mathematical model of a situation where several actors with different goals are engaged in strategic inter action. Game theory explores the nature and the consequence. s of rational behavior in games. With respect to several papers in this volume, it seems to be appropriate to comment on later developments. A list of some important references is given at the end of the intro duction. References already included in the collected pa pers are not repeated here. In casual conversation colleagues sometimes observe that the author on the one hand goes to extremes in the elabora tion of the consequences of Bayesian rationality and on the other hand strongly emphasizes the limited rationality of actual decision behavior. This seeming discrepancy is also expressed in the collection presented here. The author thinks that a sharp distinction should be made between nor ~ative and descriptive game theory. This position of "methodological dualism" has been expressed in a comment to Aumann's paper "What is game theory trying to accomplish?" (Aumann, 1985, Selten 1985) Normative game theory has the important task to explore the nature and the consequences of idealized full rationality in strategic interaction. This requires a thorough discuss ion of first principles. Empirical arguments are irrelevant here.

Download or read book Paradoxes of Belief and Strategic Rationality written by Robert C. Koons and published by Cambridge University Press. This book was released on 1992-01-31 with total page 192 pages. Available in PDF, EPUB and Kindle. Book excerpt: The author argues that a logical paradox lies at the root of a number of persistent puzzles in game theory, in particular those concerning rational agents who seek to establish some kind of reputation. This analysis provides an understanding of how the rational agent model can account for the emergence of rules, practices and institutions.

Download or read book Strategic Theory for the 21st Century: The Little Book on Big Strategy written by Harry R. Yarger and published by DIANE Publishing. This book was released on 2006 with total page 93 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book Game Theory and Economic Behaviour written by Reinhard Selten (Economist, Germany) and published by Edward Elgar Publishing. This book was released on 1999-03-24 with total page 924 pages. Available in PDF, EPUB and Kindle. Book excerpt: 'These two volumes constitute an impressive collection of selected path-breaking works of Professor Selten. . . . Edward Elgar Publications deserve merit for bringing out most frequently-cited and prominent articles of Professor Selten in a conveniently available package.' - K. Ravikumar, Journal of Scientific and Industrial Research In 1994, the Nobel Prize was awarded to Reinhard Selten, John Nash and John Harsanyi, for pioneering analysis in game theory. Selten was the first to refine the Nash equilibrium concept of non-cooperative games for analysing dynamic strategic interaction and to apply these concepts to analyses of oligopoly.

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.

Download or read book Models of Strategic Reasoning written by Johan van Benthem and published by Springer. This book was released on 2016-01-08 with total page 338 pages. Available in PDF, EPUB and Kindle. Book excerpt: Strategic behavior is the key to social interaction, from the ever-evolving world of living beings to the modern theatre of designed computational agents. Strategies can make or break participants’ aspirations, whether they are selling a house, playing the stock market, or working toward a treaty that limits global warming. This book aims at understanding the phenomenon of strategic behavior in its proper width and depth. A number of experts have combined forces in order to create a comparative view of the different frameworks for strategic reasoning in social interactions that have been developed in game theory, computer science, logic, linguistics, philosophy, and cognitive and social sciences. The chapters are organized in three topic-based sections, namely reasoning about games; formal frameworks for strategies; and strategies in social situations. The book concludes with a discussion on the future of logical studies of strategies.

Download or read book Evolution and Rationality written by Samir Okasha and published by Cambridge University Press. This book was released on 2012-06-21 with total page 293 pages. Available in PDF, EPUB and Kindle. Book excerpt: This volume explores from multiple perspectives the subtle and interesting relationship between the theory of rational choice and Darwinian evolution. In rational choice theory, agents are assumed to make choices that maximize their utility; in evolution, natural selection 'chooses' between phenotypes according to the criterion of fitness maximization. So there is a parallel between utility in rational choice theory and fitness in Darwinian theory. This conceptual link between fitness and utility is mirrored by the interesting parallels between formal models of evolution and rational choice. The essays in this volume, by leading philosophers, economists, biologists and psychologists, explore the connection between evolution and rational choice in a number of different contexts, including choice under uncertainty, strategic decision making and pro-social behaviour. They will be of interest to students and researchers in philosophy of science, evolutionary biology, economics and psychology.