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- DescriptionGame theory, the formalized study of strategy, began in the 1940s by asking how emotionless geniuses should play games, but igred until recently how average people with emotions and limited foresight actually play games. This book marks the first substantial and authoritative effort to close this gap. Colin Camerer, one of the field's leading figures, uses psychological principles and hundreds of experiments to develop mathematical theories of reciprocity, limited strategizing, and learning, which help predict what real people and companies do in strategic situations. Unifying a wealth of information from ongoing studies in strategic behavior, he takes the experimental science of behavioral ecomics a major step forward. He does so in lucid, friendly prose. Behavioral game theory has three ingredients that come clearly into focus in this book: mathematical theories of how moral obligation and vengeance affect the way people bargain and trust each other; a theory of how limits in the brain constrain the number of steps of I think he thinks ... reasoning people naturally do; and a theory of how people learn from experience to make better strategic decisions. Strategic interactions that can be explained by behavioral game theory include bargaining, games of bluffing as in sports and poker, strikes, how conventions help coordinate a joint activity, price competition and patent races, and building up reputations for trustworthiness or ruthlessness in business or life. While there are many books on standard game theory that address the way ideally rational actors operate, Behavioral Game Theory stands alone in blending experimental evidence and psychology in a mathematical theory of rmal strategic behavior. It is must reading for anyone who seeks a more complete understanding of strategic thinking, from professional ecomists to scholars and students of ecomics, management studies, psychology, political science, anthropology, and biology.
- Author BiographyColin F. Camerer is Rea A. and Lela G. Axline Professor of Business Economics at the California Institute of Technology. The author of numerous journal articles and book chapters, he teaches both cognitive psychology and economics.
- Author(s)Colin F. Camerer
- PublisherPrinceton University Press
- Date of Publication25/02/2003
- Series TitleThe Roundtable Series in Behavioral Economics
- Place of PublicationNew Jersey
- Country of PublicationUnited States
- ImprintPrinceton University Press
- Content Note32 line illus. 82 tables.
- Weight971 g
- Width152 mm
- Height235 mm
- Spine36 mm
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