Stochastic Game Theory: For Playing Games, Not Just for Doing Theory
AbstractRecent theoretical advances have dramatically increased the relevance of game theory for predicting human behavior in interactive situation. By relaxing the assumptions of perfect rationality and perfect foresight, we obtain much improved explanations of (i) initial decisions (ii)dynamic patterns of learning and adjustment, and (iii) equilibrium steady-state distributions.
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Bibliographic InfoPaper provided by University of Virginia, Department of Economics in its series Virginia Economics Online Papers with number 306.
Length: 16 pages
Date of creation: Mar 1999
Date of revision:
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Web page: http://www.virginia.edu/economics/home.html
experiments; stochastic game theory; bounded rationality; quantal response equilibrium; introspection; learning; evolution;
Find related papers by JEL classification:
- C72 - Mathematical and Quantitative Methods - - Game Theory and Bargaining Theory - - - Noncooperative Games
- C92 - Mathematical and Quantitative Methods - - Design of Experiments - - - Laboratory, Group Behavior
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