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Bounded Versus Unbounded Rationality: The Tyranny of the Weak

Listed author(s):
  • Itzhak Gilboa

    (Northwestern University [Evanston])

  • Dov Samet

    (Northwestern University [Evanston], Tel Aviv University - Tel Aviv University)

We examine the case of a two-person repeated game played by a boundedly rational player versus an unboundedly rational opponent. The former is restricted to strategies which are implementable by connected finite automata. It is shown that the "rational" player has a dominant strategy, and that in some cases the "weaker" (boundedly rational) player may exploit this fact to "blackmail" him. It is also shown that for a repeated zero-sum game, the rational player has a strategy which drives the automaton player's limit payoff down to his security (maxmin) level, even if he may choose any finite automaton.

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Paper provided by HAL in its series Post-Print with number hal-00753239.

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Date of creation: 1989
Publication status: Published in Games and Economic Behavior, Elsevier, 1989, vol. 1, pp. 213-221. <10.1016/0899-8256(89)90009-2>
Handle: RePEc:hal:journl:hal-00753239
DOI: 10.1016/0899-8256(89)90009-2
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