Quantal Response Equilibrium
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| Author | : Jacob K. Goeree |
| Publisher | : Princeton University Press |
| Total Pages | : 322 |
| Release | : 2016-06-28 |
| Genre | : Business & Economics |
| ISBN | : 069112423X |
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.
| Author | : C. M. Capra |
| Publisher | : Edward Elgar Publishing |
| Total Pages | : 448 |
| Release | : 2020-10-30 |
| Genre | : Business & Economics |
| ISBN | : 1785363336 |
The aim of this Handbook is twofold: to educate and to inspire. It is meant for researchers and graduate students who are interested in taking a data-based and behavioral approach to the study of game theory. Educators and students of economics will find the Handbook useful as a companion book to conventional upper-level game theory textbooks, enabling them to compare and contrast actual behavior with theoretical predictions. Researchers and non-specialists will find valuable examples of laboratory and field experiments that test game theoretic propositions and suggest new ways of modeling strategic behavior. Chapters are organized into several sections; each section concludes with an inspirational chapter, offering suggestions on new directions and cutting-edge topics of research in experimental game theory.
| Author | : Russell Golman |
| Publisher | : MDPI |
| Total Pages | : 128 |
| Release | : 2021-01-07 |
| Genre | : Business & Economics |
| ISBN | : 3039437739 |
How do interacting decision-makers make strategic choices? If they’re rational and can somehow predict each other’s behavior, they may find themselves in a Nash equilibrium. However, humans display pervasive and systematic departures from rationality. They often do not conform to the predictions of the Nash equilibrium, or its various refinements. This has led to the growth of behavioral game theory, which accounts for how people actually make strategic decisions by incorporating social preferences, bounded rationality (for example, limited iterated reasoning), and learning from experience. This book brings together new advances in the field of behavioral game theory that help us understand how people actually make strategic decisions in game-theoretic situations.
| Author | : David K. Levine |
| Publisher | : Open Book Publishers |
| Total Pages | : 154 |
| Release | : 2012 |
| Genre | : Business & Economics |
| ISBN | : 1906924929 |
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.
| Author | : William Spaniel |
| Publisher | : |
| Total Pages | : 273 |
| Release | : 2014 |
| Genre | : Game theory |
| ISBN | : 9781492728153 |
Game Theory 101: The Complete Textbook is a no-nonsense, games-centered introduction to strategic form (matrix) and extensive form (game tree) games. From the first lesson to the last, this textbook introduces games of increasing complexity and then teaches the game theoretical tools necessary to solve them. Quick, efficient, and to the point, Game Theory 101: The Complete Textbook is perfect for introductory game theory, intermediate microeconomics, and political science.
| Author | : John C. Harsanyi |
| Publisher | : Mit Press |
| Total Pages | : 378 |
| Release | : 1988 |
| Genre | : Business & Economics |
| ISBN | : 9780262582384 |
The authors, two of the most prominent game theorists of this generation, have devoted a number of years to the development of the theory presented here, and to its economic applications. They propose rational criteria for selecting one particular uniformly perfect equilibrium point as the solution of any noncooperative game. And, because any cooperative game can be remodelled as a noncooperative bargaining game, their theory defines a one-point solution for any cooperative game as well.By providing solutions - based on the same principles of rational behavior - for all classes of games, both cooperative and noncooperative, both those with complete and with incomplete information, Harsanyi and Selten's approach achieves a remarkable degree of theoretical unification for game theory as a whole and provides a deeper insight into the nature of game-theoretic rationality.The book applies this theory to a number of specific game classes, such as unanimity games; bargaining with transaction costs; trade involving one seller and several buyers; two-person bargaining with incomplete information on one side, and on both sides. The last chapter discusses the relationship of the authors' theory to other recently proposed solution concepts, particularly the Kohberg-Mertens stability theory.John C. Harsanyi is Flood Research Professor in Business Administration and Professor of Economics, University of California, Berkeley. Reinhard Selten is Professor of Economics Institute of Social and Economic Sciences: University of Bonn, Federal Republic of Germany.
| Author | : Alain Haurie |
| Publisher | : World Scientific Publishing Company |
| Total Pages | : 488 |
| Release | : 2012-03-23 |
| Genre | : Mathematics |
| ISBN | : 981440134X |
Dynamic games arise between players (individuals, firms, countries, animals, etc.) when the strategic interactions among them recur over time and decisions made during one period affect both current and future payoffs. Dynamic games provide conceptually rich paradigms and tools to deal with these situations.This volume provides a uniform approach to game theory and illustrates it with present-day applications to economics and management, including environmental, with the emphasis on dynamic games.At the end of each chapter a case study called game engineering (GE) is provided, to help readers understand how problems of high social priority, such as environmental negotiations, exploitation of common resources, can be modeled as games and how solutions can be engineered.
| Author | : Robert H. Bates |
| Publisher | : Princeton University Press |
| Total Pages | : 260 |
| Release | : 2020-07-21 |
| Genre | : Social Science |
| ISBN | : 0691216231 |
Students of comparative politics have long faced a vexing dilemma: how can social scientists draw broad, applicable principles of political order from specific historical examples? In Analytic Narratives, five senior scholars offer a new and ambitious methodological response to this important question. By employing rational-choice and game theory, the authors propose a way of extracting empirically testable, general hypotheses from particular cases. The result is both a methodological manifesto and an applied handbook that political scientists, economic historians, sociologists, and students of political economy will find essential. In their jointly written introduction, the authors frame their approach to the origins and evolution of political institutions. The individual essays that follow demonstrate the concept of the analytic narrative--a rational-choice approach to explain political outcomes--in case studies. Avner Greif traces the institutional foundations of commercial expansion in twelfth-century Genoa. Jean-Laurent Rosenthal analyzes how divergent fiscal policies affected absolutist European governments, while Margaret Levi examines the transformation of nineteenth-century conscription laws in France, the United States, and Prussia. Robert Bates explores the emergence of a regulatory organization in the international coffee market. Finally, Barry Weingast studies the institutional foundations of democracy in the antebellum United States and its breakdown in the Civil War. In the process, these studies highlight the economic role of political organizations, the rise and deterioration of political communities, and the role of coercion, especially warfare, in political life. The results are both empirically relevant and theoretically sophisticated. Analytic Narratives is an innovative and provocative work that bridges the gap between the game-theoretic and empirically driven approaches in political economy. Political historians will find the use of rational-choice models novel; theorists will discover arguments more robust and nuanced than those derived from abstract models. The book improves on earlier studies by advocating--and applying--a cross-disciplinary approach to explain strategic decision making in history.
| Author | : Gisèle Umbhauer |
| Publisher | : Routledge |
| Total Pages | : 428 |
| Release | : 2016-01-08 |
| Genre | : Business & Economics |
| ISBN | : 1317362985 |
Game Theory and Exercises introduces the main concepts of game theory, along with interactive exercises to aid readers’ learning and understanding. Game theory is used to help players understand decision-making, risk-taking and strategy and the impact that the choices they make have on other players; and how the choices of those players, in turn, influence their own behaviour. So, it is not surprising that game theory is used in politics, economics, law and management. This book covers classic topics of game theory including dominance, Nash equilibrium, backward induction, repeated games, perturbed strategie s, beliefs, perfect equilibrium, Perfect Bayesian equilibrium and replicator dynamics. It also covers recent topics in game theory such as level-k reasoning, best reply matching, regret minimization and quantal responses. This textbook provides many economic applications, namely on auctions and negotiations. It studies original games that are not usually found in other textbooks, including Nim games and traveller’s dilemma. The many exercises and the inserts for students throughout the chapters aid the reader’s understanding of the concepts. With more than 20 years’ teaching experience, Umbhauer’s expertise and classroom experience helps students understand what game theory is and how it can be applied to real life examples. This textbook is suitable for both undergraduate and postgraduate students who study game theory, behavioural economics and microeconomics.
| Author | : Karen Donohue |
| Publisher | : John Wiley & Sons |
| Total Pages | : 688 |
| Release | : 2018-11-06 |
| Genre | : Business & Economics |
| ISBN | : 1119138302 |
A comprehensive review of behavioral operations management that puts the focus on new and trending research in the field The Handbook of Behavioral Operations offers a comprehensive resource that fills the gap in the behavioral operations management literature. This vital text highlights best practices in behavioral operations research and identifies the most current research directions and their applications. A volume in the Wiley Series in Operations Research and Management Science, this book contains contributions from an international panel of scholars from a wide variety of backgrounds who are conducting behavioral research. The handbook provides succinct tutorials on common methods used to conduct behavioral research, serves as a resource for current topics in behavioral operations research, and as a guide to the use of new research methods. The authors review the fundamental theories and offer frameworks from a psychological, systems dynamics, and behavioral economic standpoint. They provide a crucial grounding for behavioral operations as well as an entry point for new areas of behavioral research. The handbook also presents a variety of behavioral operations applications that focus on specific areas of study and includes a survey of current and future research needs. This important resource: Contains a summary of the methodological foundations and in-depth treatment of research best practices in behavioral research. Provides a comprehensive review of the research conducted over the past two decades in behavioral operations, including such classic topics as inventory management, supply chain contracting, forecasting, and competitive sourcing. Covers a wide-range of current topics and applications including supply chain risk, responsible and sustainable supply chain, health care operations, culture and trust. Connects existing bodies of behavioral operations literature with related fields, including psychology and economics. Provides a vision for future behavioral research in operations. Written for academicians within the operations management community as well as for behavioral researchers, The Handbook of Behavioral Operations offers a comprehensive resource for the study of how individuals make decisions in an operational context with contributions from experts in the field.
