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The Confusion of Is and Ought in Game Theoretic Contexts

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Author Info

  • Joseph B. Kadane

    (Carnegie-Mellon University)

  • Patrick D. Larkey

    (Carnegie-Mellon University)

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    Abstract

    This paper explores the distinction between normative and positive theoretical statements in a game theoretic context from a Bayesian perspective. Normative and positive theoretical statements are often confused in decision making research. The confusion results from some unique epistemological and methodological problems associated with cognitive behavior as an object for scientific inquiry. The confusion persists because of poor model validation procedures which are themselves further complicated by the confusion. The confusion greatly impedes the development of more useful prescriptions for and predictions of human decision behavior. From a Bayesian perspective which acknowledges the importance of incomplete information and imperfect theories of behavior, the confusion is unnecessary.

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    File URL: http://dx.doi.org/10.1287/mnsc.29.12.1365
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    Bibliographic Info

    Article provided by INFORMS in its journal Management Science.

    Volume (Year): 29 (1983)
    Issue (Month): 12 (December)
    Pages: 1365-1379

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    Handle: RePEc:inm:ormnsc:v:29:y:1983:i:12:p:1365-1379

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    Related research

    Keywords: game theory;

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    Cited by:
    1. Rudolf Vetschera, 2004. "Behavioral uncertainty and investments in cooperative relationships," Managerial and Decision Economics, John Wiley & Sons, Ltd., vol. 25(1), pages 17-27.
    2. Joseph Kadane & Javier Girón & Daniel Peña & Peter Fishburn & Simon French & D. Lindley & Giovanni Parmigiani & Robert Winkler, 1993. "Several Bayesians: A review," TEST: An Official Journal of the Spanish Society of Statistics and Operations Research, Springer, vol. 2(1), pages 1-32, December.
    3. Velu, C. & Iyer, S., 2008. "The Rationality of Irrationality for Managers: Returns- Based Beliefs and the Traveller’s Dilemma," Cambridge Working Papers in Economics 0826, Faculty of Economics, University of Cambridge.
    4. Velu, C. & Iyer, S., 2008. "Returns-Based Beliefs and The Prisoner’s Dilemma," Cambridge Working Papers in Economics 0854, Faculty of Economics, University of Cambridge.
    5. Robert Nau, 2001. "De Finetti was Right: Probability Does Not Exist," Theory and Decision, Springer, vol. 51(2), pages 89-124, December.

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