Games with Procedurally Rational Players
AbstractWe study interactive situations in which players are boundedly ra- tional. Each player, rather than optimizing given a belief about the other players' behavior. as in the theory of Nash equilibrium, uses the following choice procedure. She first associates one consequence with each of her actions by sampling (literally or virtually) each of her actions once. Then she chooses the action that has the best consequence. We define a notion of equilibrium for such situations and study its properties.
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Bibliographic InfoPaper provided by McMaster University in its series Department of Economics Working Papers with number 1997-02.
Length: 25 pages
Date of creation: Feb 1997
Date of revision:
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- C72 - Mathematical and Quantitative Methods - - Game Theory and Bargaining Theory - - - Noncooperative Games
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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.
- McKelvey Richard D. & Palfrey Thomas R., 1995. "Quantal Response Equilibria for Normal Form Games," Games and Economic Behavior, Elsevier, vol. 10(1), pages 6-38, July.
- CHEN, Hsiao-Ch. & FRIEDMAN, J.W. & THISSE, Jacques-Francois, 1996.
"Boundedly Rational Nash Equilibrium: A Probabilistic Choice Approach,"
CORE Discussion Papers
1996044, Université catholique de Louvain, Center for Operations Research and Econometrics (CORE).
- Chen, Hsiao-Chi & Friedman, James W. & Thisse, Jacques-Francois, 1997. "Boundedly Rational Nash Equilibrium: A Probabilistic Choice Approach," Games and Economic Behavior, Elsevier, vol. 18(1), pages 32-54, January.
- Chen, H.-C. & Friedman, J. W. & Thisse, J.-F., . "Boundedly rational Nash equilibrium: a probabilistic choice approach," CORE Discussion Papers RP -1248, Université catholique de Louvain, Center for Operations Research and Econometrics (CORE).
- Rosenthal, Robert W, 1989. "A Bounded-Rationality Approach to the Study of Noncooperative Games," International Journal of Game Theory, Springer, vol. 18(3), pages 273-91.
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