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Reasonable Rules of Choice

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  • Carlo Beretta

Abstract

Players have consonant interests if each has a strategy favourable to the pursuit of his own and the interests of the others when the latter adopt a best response. Reasonableness is to move according to such a strategy at the stage reached, reaping the gains this generates. Some overt games hide an underlying game in the choice of rules of choice in which reasonableness is substantively rational, credible and leads to a state that Pareto dominates the Nash equilibria of the original game. The paper contains an application to the finite prisoner's dilemma.

Suggested Citation

  • Carlo Beretta, 2014. "Reasonable Rules of Choice," Economia politica, Società editrice il Mulino, issue 3, pages 413-426.
    • Handle: RePEc:mul:jb33yl:doi:10.1428/78902:y:2014:i:3:p:413-426
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