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Modeling Rational Players: Part I

Published online by Cambridge University Press:  05 December 2008

Ken Binmore
Ken Binmore
Affiliation:
London School of Economics
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Extract

Game theory has proved a useful tool in the study of simple economic models. However, numerous foundational issues remain unresolved. The situation is particularly confusing in respect of the non-cooperative analysis of games with some dynamic structure in which the choice of one move or another during the play of the game may convey valuable information to the other players. Without pausing for breath, it is easy to name at least 10 rival equilibrium notions for which a serious case can be made that here is the “right” solution concept for such games.

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Essays
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Economics & Philosophy , Volume 3 , Issue 2 , October 1987, pp. 179 - 214
Copyright
Copyright © Cambridge University Press 1987

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