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Which is to blame: Instrumental rationality, or common knowledge?
Published online by Cambridge University Press: 02 October 2003
Abstract:
Normative analysis in game-theoretic situations requires assumptions regarding players' expectations about their opponents. Although the assumptions entailed by the principle of common knowledge are often violated, available empirical evidence – including focal point selection and violations of backward induction – may still be explained by instrumentally rational agents operating under certain mental models of their opponents.
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- Copyright © Cambridge University Press 2003
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