Can Game Theory deal with Bounded Rationality?

 
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Can Game Theory deal with Bounded Rationality?
Ryan
A key assumption of Game Theory, as mentioned in the article, is rationality. In reality of course individuals and companies may differ from each other in terms of how effectively they can observe a situation, analyze it, plan a strategy and execute their strategy. Their rationality is bounded.
(How) can Game Theory deal with Bounded Rationality?...Sign up
 

 
Regular Game Theory Has Difficulty to Deal with Bounded Rationality
Jaap de Jonge, Editor, Netherlands
Indeed game theory usually starts with rather strong premises. Preferences are represented by utilities, beliefs are represented by probabilities and ...Sign up
 

     
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