Game theory as it currently exists is a normative theory. It characterizes optimal behavior when selfishness and rationality are common knowledge (p. 32).
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Game theory as it currently exists is a normative theory. It characterizes optimal behavior when selfishness and rationality are common knowledge (p. 32).
1 comment:
This is a brilliant post. As a big fan to The Perfect Substitute, I am very pleased that Will has been added to this blog. His posts add valuable quality to this blog, and the entire blogosphere.
Keep it up Will.
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