Simple play in the Prisoner's Dilemma
Article Abstract:
An intuitive model was proposed which illustrate the manner in which people simplify objective situations. The model shows that an individual tries to update the scalar that is associated with a chosen strategy by moving it in the direction of the received payoff. Such behavior may result in a situation in which a chosen strategy generates the highest minimum payoff. Such strategy could be very costly with regards to expected payoff maximization.
Publication Name: Journal of Economic Behavior & Organization
Subject: Economics
ISSN: 0167-2681
Year: 1999
User Contributions:
Comment about this article or add new information about this topic:
A further remark on two-moment decisions models and utility-representable preferences
Article Abstract:
A further sufficient condition on two-moment decision models and utility-respresentable preferences is described, which is centered on partial relative risk aversion introduced by Menezes and Hanson (1970) in the expected utility framework.
Publication Name: Journal of Economic Behavior & Organization
Subject: Economics
ISSN: 0167-2681
Year: 2004
User Contributions:
Comment about this article or add new information about this topic:
- Abstracts: Decision making under uncertainty and the evolution of interdependent preferences
- Abstracts: On the Frontier Between Possibility and Impossibility Theorems in Social Choice. Multivariate Decision Making
- Abstracts: Fairness as a constraint on profit seeking: comment. Expectations, taxes, and interest: reply. Expectations, taxes, and interest: comment
- Abstracts: Disequilibrium dynamics during the Great Depression. Oil price volatility and the macroeconomy
- Abstracts: Indexing inventors: the 'sources of investion' revisited. Labor market institutions, liquidity constraints, and macroeconomic stability