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Economics Beyond the Millennium$
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Alan P. Kirman and Louis-André Gérard-Varet

Print publication date: 1999

Print ISBN-13: 9780198292111

Published to Oxford Scholarship Online: November 2003

DOI: 10.1093/0198292112.001.0001

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Game Theory: The Next Stage

Game Theory: The Next Stage

Chapter:
(p.184) 10 Game Theory: The Next Stage
Source:
Economics Beyond the Millennium
Author(s):

Eric van Damme

Publisher:
Oxford University Press
DOI:10.1093/0198292112.003.0012

Eric van Damme outlines the different perspectives on game theory and emphasizes the practical limits of theory based on completely rational individuals. He argues that we will inevitably be forced to consider agents with ‘bounded rationality’ but that does not mean presenting situations that are so simple that even simple individuals can solve them. He asserts that game theory will only become applicable if economists are capable of painstakingly describing the empirical situation they wish to model. Such an approach already recommended by Von Neumann and Morgenstern is far from standard in modern theory.

Keywords:   bounded rationality, common knowledge, descriptive game theory, game theory, rationality

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