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Love is not enough: Other-regarding preferences cannot explain payoff dominance in game theory

Published online by Cambridge University Press:  27 April 2007

Andrew M. Colman
Andrew M. Colman
Affiliation:
School of Psychology, University of Leicester, Leicester LE1 7RH, United Kingdom. amc@le.ac.ukhttp://www.le.ac.uk/home/amc
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Abstract

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Even if game theory is broadened to encompass other-regarding preferences, it cannot adequately model all aspects of interactive decision making. Payoff dominance is an example of a phenomenon that can be adequately modeled only by departing radically from standard assumptions of decision theory and game theory – either the unit of agency or the nature of rationality.

Information

Type
Open Peer Commentary
Information
Behavioral and Brain Sciences , Volume 30 , Issue 1 , February 2007, pp. 22 - 23
Copyright
2007 Cambridge University Press