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Insights from experiments with duopoly games: rational incremental decision-making

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  • M. Jin Lee
  • M. Jae Moon
  • Jungsook Kim

Abstract

This study explores rational incremental decision-making, one of the most powerful principles in government decision-making. Although ‘muddling through’ is applicable in many decision-making situations, it has been argued that incremental decisions are rational in some conditions. This study replicates the game experiment using two-person games with the factorial design of uncertainty and risk in Hong Kong and Korea. Findings show that incremental decisions in prior rounds lead to rational results and thereby better rewards, and that uncertainty and risk slow down the process of reaching the Nash equilibrium. The conclusion discusses implications of rational incrementalism.

Suggested Citation

  • M. Jin Lee & M. Jae Moon & Jungsook Kim, 2017. "Insights from experiments with duopoly games: rational incremental decision-making," Public Management Review, Taylor & Francis Journals, vol. 19(9), pages 1328-1351, October.
    • Handle: RePEc:taf:rpxmxx:v:19:y:2017:i:9:p:1328-1351
    DOI: 10.1080/14719037.2017.1282002
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