Irrationality in Game Theory
نویسنده
چکیده
The concepts in game theory have been evolving in such a way that existing theories are recasted to apply to problems that previously appeared not to fit in. One of the most scrutinized concepts is backward induction. In extensive form games, given common knowledge of rationality, the outcome is backward induction. However, experiment results are contradictory from what game theory predicts. Several attempts have been made in the literature to solve this problem. The present paper describes and discusses some of those attempts and their limitations.
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