Rationality in Extensive-Form Games
AbstractLet us adopt the classical point of view that a theory of games is a description of "rational" behavior. Consequently, equipped with a book entitled "Theory of Games," any individual in any strategic situation need only consult the book to make a "rational" decision. One of the questions to address in this context is indeed whether or not strategies other than those provided by backward induction can ever appear in such a book. In offering an answer, we shall also explore the logical limits within which any "Theory of Games" must operate.
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Bibliographic InfoArticle provided by American Economic Association in its journal Journal of Economic Perspectives.
Volume (Year): 6 (1992)
Issue (Month): 4 (Fall)
Find related papers by JEL classification:
- C70 - Mathematical and Quantitative Methods - - Game Theory and Bargaining Theory - - - General
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- Rosenthal, Robert W., 1981. "Games of perfect information, predatory pricing and the chain-store paradox," Journal of Economic Theory, Elsevier, vol. 25(1), pages 92-100, August.
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