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Rule Rationality

  • Heller, Yuval
  • Winter, Eyal

We study the strategic advantages of following rules of thumb that bundle different games together (called rule rationality) when this may be observed by one's opponent. We present a model in which the strategic environment determines which kind of rule rationality is adopted by the players. We apply the model to characterize the induced rules and outcomes in various interesting environments. Finally, we show the close relations between act rationality and “Stackelberg stability” (no player can earn from playing first).

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File URL: http://mpra.ub.uni-muenchen.de/61895/1/MPRA_paper_61895.pdf
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Paper provided by University Library of Munich, Germany in its series MPRA Paper with number 48746.

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Date of creation: 31 Jul 2013
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Handle: RePEc:pra:mprapa:48746
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  10. Heller, Yuval, 2012. "Three steps ahead," MPRA Paper 39429, University Library of Munich, Germany.
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  19. Akerlof, George A, 1970. "The Market for 'Lemons': Quality Uncertainty and the Market Mechanism," The Quarterly Journal of Economics, MIT Press, vol. 84(3), pages 488-500, August.
  20. Mailath, George J. & Samuelson, Larry, 2006. "Repeated Games and Reputations: Long-Run Relationships," OUP Catalogue, Oxford University Press, number 9780195300796, March.
  21. Renou, Ludovic, 2009. "Commitment games," Games and Economic Behavior, Elsevier, vol. 66(1), pages 488-505, May.
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  23. Dekel, Eddie & Ely, Jeffrey & Yilankaya, Okan, 2004. "Evolution of Preferences," Microeconomics.ca working papers dekel-04-08-13-01-21-07, Vancouver School of Economics, revised 09 Jun 2006.
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