Games with Procedurally Rational Players
The authors study interactive situations in which players are boundedly rational. 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. The authors define a notion of equilibrium for such situations and study its properties. Copyright 1998 by American Economic Association.
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Volume (Year): 88 (1998)
Issue (Month): 4 (September)
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References listed on IDEAS
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
- Herbert A. Simon, 1955. "A Behavioral Model of Rational Choice," The Quarterly Journal of Economics, Oxford University Press, vol. 69(1), pages 99-118.
- Rosenthal, Robert W, 1989. "A Bounded-Rationality Approach to the Study of Noncooperative Games," International Journal of Game Theory, Springer;Game Theory Society, vol. 18(3), pages 273-291.
- 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.
- R. McKelvey & T. Palfrey, 2010. "Quantal Response Equilibria for Normal Form Games," Levine's Working Paper Archive 510, David K. Levine.
- McKelvey, Richard D. & Palfrey, Thomas R., 1994. "Quantal Response Equilibria For Normal Form Games," Working Papers 883, California Institute of Technology, Division of the Humanities and Social Sciences.
- 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, 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, H.-C. & Friedman, J. W. & Thisse, J.-F., "undated". "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., 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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