Riz Khan – The art and science of prediction
Game Theory and Rational Choice Theory
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Insofar as economics explains and predicts phenomena as consequences of individual choices, which are themselves explained in terms of reasons, it must depict agents as to some extent rational. Rationality, like reasons, involves evaluation, and just as one can assess the rationality of individual choices, so one can assess the rationality of social choices and examine how they are and ought to be related to the preferences and judgments of individuals. In addition, there are intricate questions concerning rationality in strategic situations in which outcomes depend on the choices of multiple individuals. Since rationality is a central concept in branches of philosophy such as action theory, epistemology, ethics, and philosophy of mind, studies of rationality frequently cross the boundaries between economics and philosophy and thus constitute one of the domains of philosophy of economics.
is the study of strategic decision making. More formally, it is “the study of mathematical models of conflict and cooperation between intelligent rational decision-makers.” An alternative term suggested “as a more descriptive name for the discipline” is interactive decision theory. Game theory is mainly used in economics, political science, and psychology, as well as logic and biology. The subject first addressed zero-sum games, such that one person’s gains exactly equal net losses of the other participant(s). Today, however, game theory applies to a wide range of class relations, and has developed into an umbrella term for the logical side of science, to include both human and non-humans, like computers. Classic uses include a sense of balance in numerous games, where each person has found or developed a tactic that cannot successfully better his results, given the other approach.
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