Author: Kang-Oh YiPublisher:
ISBN:
Category : Collective bargaining
Languages : en
Pages : 182
Book Description
Three Essays on Quantal Response Equilibrium Model
Author: Kang-Oh YiPublisher:
ISBN:
Category : Collective bargaining
Languages : en
Pages : 182
Book Description
Quantal Response Equilibrium
Author: Jacob K. GoereePublisher: Princeton University Press
ISBN: 1400880920
Category : Business & Economics
Languages : en
Pages : 328
Book Description
Quantal Response Equilibrium presents a stochastic theory of games that unites probabilistic choice models developed in psychology and statistics with the Nash equilibrium approach of classical game theory. Nash equilibrium assumes precise and perfect decision making in games, but human behavior is inherently stochastic and people realize that the behavior of others is not perfectly predictable. In contrast, QRE models choice behavior as probabilistic and extends classical game theory into a more realistic and useful framework with broad applications for economics, political science, management, and other social sciences. Quantal Response Equilibrium spans the range from basic theoretical foundations to examples of how the principles yield useful predictions and insights in strategic settings, including voting, bargaining, auctions, public goods provision, and more. The approach provides a natural framework for estimating the effects of behavioral factors like altruism, reciprocity, risk aversion, judgment fallacies, and impatience. New theoretical results push the frontiers of models that include heterogeneity, learning, and well-specified behavioral modifications of rational choice and rational expectations. The empirical relevance of the theory is enhanced by discussion of data from controlled laboratory experiments, along with a detailed users' guide for estimation techniques. Quantal Response Equilibrium makes pioneering game-theoretic methods and interdisciplinary applications available to a wide audience.
Three Essays in Evolutionary Game Theory
Author: Jack RoblesPublisher:
ISBN:
Category : Evolution
Languages : en
Pages : 148
Book Description
Three Essays in Empirical Auctions
Author: Sudip GuptaQuantal Response Equilibrium
Author: Jacob K. GoereePublisher: Princeton University Press
ISBN: 069112423X
Category : Business & Economics
Languages : en
Pages : 322
Book Description
Quantal Response Equilibrium presents a stochastic theory of games that unites probabilistic choice models developed in psychology and statistics with the Nash equilibrium approach of classical game theory. Nash equilibrium assumes precise and perfect decision making in games, but human behavior is inherently stochastic and people realize that the behavior of others is not perfectly predictable. In contrast, QRE models choice behavior as probabilistic and extends classical game theory into a more realistic and useful framework with broad applications for economics, political science, management, and other social sciences. Quantal Response Equilibrium spans the range from basic theoretical foundations to examples of how the principles yield useful predictions and insights in strategic settings, including voting, bargaining, auctions, public goods provision, and more. The approach provides a natural framework for estimating the effects of behavioral factors like altruism, reciprocity, risk aversion, judgment fallacies, and impatience. New theoretical results push the frontiers of models that include heterogeneity, learning, and well-specified behavioral modifications of rational choice and rational expectations. The empirical relevance of the theory is enhanced by discussion of data from controlled laboratory experiments, along with a detailed users' guide for estimation techniques. Quantal Response Equilibrium makes pioneering game-theoretic methods and interdisciplinary applications available to a wide audience.
Journal of Economic Literature
Author: Positive Changes in Political Science
Author: John H. AldrichPublisher: University of Michigan Press
ISBN: 9780472069866
Category : Political Science
Languages : en
Pages : 516
Book Description
Richard McKelvey's classic papers, accompanied by original essays by leading names in the field
Bounded Rationality
Author: Sanjit DhamiPublisher: MIT Press
ISBN: 0262369656
Category : Business & Economics
Languages : en
Pages : 553
Book Description
Two leaders in the field explore the foundations of bounded rationality and its effects on choices by individuals, firms, and the government. Bounded rationality recognizes that human behavior departs from the perfect rationality assumed by neoclassical economics. In this book, Sanjit Dhami and Cass R. Sunstein explore the foundations of bounded rationality and consider the implications of this approach for public policy and law, in particular for questions about choice, welfare, and freedom. The authors, both recognized as experts in the field, cover a wide range of empirical findings and assess theoretical work that attempts to explain those findings. Their presentation is comprehensive, coherent, and lucid, with even the most technical material explained accessibly. They not only offer observations and commentary on the existing literature but also explore new insights, ideas, and connections. After examining the traditional neoclassical framework, which they refer to as the Bayesian rationality approach (BRA), and its empirical issues, Dhami and Sunstein offer a detailed account of bounded rationality and how it can be incorporated into the social and behavioral sciences. They also discuss a set of models of heuristics-based choice and the philosophical foundations of behavioral economics. Finally, they examine libertarian paternalism and its strategies of “nudges.”
Dissertation Abstracts International
Author: Publisher:
ISBN:
Category : Dissertations, Academic
Languages : en
Pages : 584
Book Description
Is Behavioral Economics Doomed?
Author: David K. LevinePublisher: Open Book Publishers
ISBN: 1906924929
Category : Business & Economics
Languages : en
Pages : 154
Book Description
In this book, David K. Levine questions the idea that behavioral economics is the answer to economic problems. He explores the successes and failures of contemporary economics both inside and outside the laboratory, and asks whether popular behavioral theories of psychological biases are solutions to the failures. The book not only provides an overview of popular behavioral theories and their history, but also gives the reader the tools for scrutinizing them.