Games with Procedurally Rational Players
We study equilibrium in games in which each player uses the procedure in which he associates a consequence with each of his actions and chooses the action that has the best consequence. The association may be stochastic but is not arbitrary : it reglects the other players' equilibrium behavior. We establish properties of an equilibrium and study some examples.
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|Date of creation:||1997|
|Date of revision:|
|Contact details of provider:|| Postal: Israel TEL-AVIV UNIVERSITY, THE FOERDER INSTITUTE FOR ECONOMIC RESEARCH, RAMAT AVIV 69 978 TEL AVIV ISRAEL.|
Web page: http://econ.tau.ac.il/foerder/about
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- 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 273-91.
- Herbert A. Simon, 1955. "A Behavioral Model of Rational Choice," The Quarterly Journal of Economics, Oxford University Press, vol. 69(1), pages 99-118.
- 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, H.-C. & Friedman, J. W. & Thisse, J.-F., . "Boundedly rational Nash equilibrium: a probabilistic choice approach," CORE Discussion Papers RP 1248, Université catholique de Louvain, Center for Operations Research and Econometrics (CORE).
- 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).
- 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.
- 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.
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