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Simon's and Siegel's responses to the 'mixed strategy anomaly': a missed case in the sensitivity of economics to empirical evidence

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  • Timo Tammi

Abstract

In some of their papers published in the 1950s, Herbert Simon and Sidney Siegel responded to the so-called mixed strategy anomaly in ways which deserve more attention. They produced not only (i) immediate defences of the economic theory of their own time, but also (ii) ideas and solutions that have later turned out to be significant contributions to the development of the economic theory of choice and decision-making and the separation of experimental economics from experimental psychology. These observations suggest that economics can be more responsive to empirical anomalies than has been assumed. Furthermore, knowledge of the desirable responsiveness to anomalies can provide means of avoiding the non-desirable immunity to anomalies. Copyright 2003, Oxford University Press.

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  • Timo Tammi, 2003. "Simon's and Siegel's responses to the 'mixed strategy anomaly': a missed case in the sensitivity of economics to empirical evidence," Cambridge Journal of Economics, Cambridge Political Economy Society, vol. 27(1), pages 85-96, January.
    • Handle: RePEc:oup:cambje:v:27:y:2003:i:1:p:85-96
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