Jump to ContentJump to Main Navigation
Economics Beyond the Millennium$
Users without a subscription are not able to see the full content.

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

Show Summary Details
Page of

PRINTED FROM OXFORD SCHOLARSHIP ONLINE (www.oxfordscholarship.com). (c) Copyright Oxford University Press, 2019. All Rights Reserved. Under the terms of the licence agreement, an individual user may print out a PDF of a single chapter of a monograph in OSO for personal use (for details see www.oxfordscholarship.com/page/privacy-policy).date: 24 June 2019

Game Theory: The Next Stage

Game Theory: The Next Stage

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

Eric van Damme

Oxford University Press

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

Oxford Scholarship Online requires a subscription or purchase to access the full text of books within the service. Public users can however freely search the site and view the abstracts and keywords for each book and chapter.

Please, subscribe or login to access full text content.

If you think you should have access to this title, please contact your librarian.

To troubleshoot, please check our FAQs , and if you can't find the answer there, please contact us .