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Rationality and backward induction

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  • Ken Binmore

Abstract

This paper uses the Centipede Game to criticize formal arguments that have recently been offered for and against backward induction as a rationality principle. It is argued that the crucial issues concerning the interpretation of counterfactuals depend on contextual questions that are abstracted away in current formalisms. I have a text, it always is the same, And always has been, Since I learnt the game. Chaucer, The Pardoner's Tale

Suggested Citation

  • Ken Binmore, 1997. "Rationality and backward induction," Journal of Economic Methodology, Taylor & Francis Journals, vol. 4(1), pages 23-41.
  • Handle: RePEc:taf:jecmet:v:4:y:1997:i:1:p:23-41
    DOI: 10.1080/13501789700000002
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    References listed on IDEAS

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    1. Samet, Dov, 1996. "Hypothetical Knowledge and Games with Perfect Information," Games and Economic Behavior, Elsevier, vol. 17(2), pages 230-251, December.
    2. Cressman, R. & Schlag, K. H., 1998. "The Dynamic (In)Stability of Backwards Induction," Journal of Economic Theory, Elsevier, vol. 83(2), pages 260-285, December.
    3. Bonanno, G., 1994. "Knowledge, Rationality and Equilibrium in Extensive Games," Papers 94-06, California Davis - Institute of Governmental Affairs.
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    Cited by:

    1. Ponti, Giovanni, 2000. "Cycles of Learning in the Centipede Game," Games and Economic Behavior, Elsevier, vol. 30(1), pages 115-141, January.
    2. Brañas Garza, Pablo & Espinosa Alejos, María Paz, 2010. "Unraveling Public Good Games: The Role of Priors," DFAEII Working Papers 2010-04, University of the Basque Country - Department of Foundations of Economic Analysis II.
    3. repec:wea:econth:v:7:y:2018:i:1:p:24 is not listed on IDEAS
    4. Kristian Lindgren & Vilhelm Verendel, 2013. "Evolutionary Exploration of the Finitely Repeated Prisoners’ Dilemma—The Effect of Out-of-Equilibrium Play," Games, MDPI, Open Access Journal, vol. 4(1), pages 1-20, January.
    5. Lindgren, Kristian & Verendel, Vilhelm, 2013. "Evolutionary Exploration of the Finitely Repeated Prisoners' Dilemma--The Effect of Out-of-Equilibrium Play," MPRA Paper 43662, University Library of Munich, Germany.
    6. Yun Wang, 2015. "Belief and Higher-Order Belief in the Centipede Games: Theory and Experiment," WISE Working Papers 2015-03-24, Wang Yanan Institute for Studies in Economics (WISE), Xiamen University.
    7. Ken Binmore, 2005. "Why the Distinction Between Knowledge and Belief Might Matter," Econ Journal Watch, Econ Journal Watch, vol. 2(1), pages 97-104, April.
    8. Stauber, Ronald, 2017. "Irrationality and ambiguity in extensive games," Games and Economic Behavior, Elsevier, vol. 102(C), pages 409-432.
    9. Robert J. Aumann & Ken Binmore & Sudha R. Shenoy & Casey B. Mulligan, 2005. "Correspondence August 2005," Econ Journal Watch, Econ Journal Watch, vol. 2(2), pages 377-381, August.

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