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15 février 2013
- handle: 10670/1.v6jjme
- isbn: 9781906924935
- eisbn: 9781906924942
https://creativecommons.org/licenses/by-sa/4.0/ , info:eu-repo/semantics/openAccess
Mots-clés
behavioural economics economic crisis rationality irrationality homo economicus game theory theory of non-cooperative games competitive equilibrium quantal response equilibrium Nash equilibrium elections Economics Business, Finance BUS069030 KCASujets proches
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David K. Levine, « 4. Does Economic Theory Fail? », Open Book Publishers, ID : 10670/1.v6jjme
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Résumé
Economic theory works some of the time. But perhaps not always? There is an experimental literature that argues there are gross violations of economic theory. Since these failures are not with the theory of Nash equilibrium, I will explain an important variation – the notion of subgame perfect equilibrium. How well does the theory of subgame perfection do in the laboratory? In three games – a public goods game called Best-shot, a bargaining game called Ultimatum and the game of Grab-a-dollar ...