Re: administrative behavior
http://nobelprize.org/nobel_prizes/economics/laureates/1978/simon-lecture.pdf
p.18
Statistical Decision Theory and Game Theory
Statistical decision theory and game theory are two other important components
of the neoclassical revival. The former addresses itself to the question of
incorporating uncertainty (or more properly, risk) into the decision-making
models. It requires heroic assumptions about the information the decision
maker has concerning the probability distributions of the relevant variables,
and simply increases by orders of magnitude the computational problems he
faces.
Game theory addresses itself to the "outguessing" problem that arises whenever
an economic actor takes into account the possible reactions to his own
decisions of the other actors. To my mind, the main product of the very
elegant apparatus of game theory has been to demonstrate quite clearly that
it is virtually impossible to define an unambiguous criterion of rationality
for this class of situations (or, what amounts to the same thing, a definitive
definition of the "solution" of a game). Hence, game theory has not brought to
the theories of oligopoly and imperfect competition the relief from their
contradictions and complexities that was originally hoped for it. Rather,
it has shown that these difficulties are ineradicable. We may be able to
reach consensus that a certain criterion of rationality is approriate to a
particular game, but if someone challenges the consensus, preferring a
different criterion, we will have no logical basis for persuading him that
he is wrong.
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http://nobelprize.org/nobel_prizes/economics/laureates/1994/nash-lecture.pdf
p.22
Equilibrium Refinement
Nash equilibrium expresses the requirement that a theory of rational behavior
recommends to each player a strategy that is optimal in case all of the other
players play in accordance with the theory.....
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