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Behavioral game theory seeks to examine how people's strategic decision-making behavior is shaped by social preferences, social utility and other psychological factors. [1] Behavioral game theory analyzes interactive strategic decisions and behavior using the methods of game theory, [2] experimental economics, and experimental psychology.
In addition to being used to describe, predict, and explain behavior, game theory has also been used to develop theories of ethical or normative behavior and to prescribe such behavior. [69] In economics and philosophy, scholars have applied game theory to help in the understanding of good or proper behavior.
Perfect information: A game has perfect information if it is a sequential game and every player knows the strategies chosen by the players who preceded them. Constant sum: A game is a constant sum game if the sum of the payoffs to every player are the same for every single set of strategies. In these games, one player gains if and only if ...
Theory of Games and Economic Behavior, published in 1944 [1] by Princeton University Press, is a book by mathematician John von Neumann and economist Oskar Morgenstern which is considered the groundbreaking text that created the interdisciplinary research field of game theory.
Behavioral game theory, invented by Colin Camerer, analyzes interactive strategic decisions and behavior using the methods of game theory, [85] experimental economics, and experimental psychology. Experiments include testing deviations from typical simplifications of economic theory such as the independence axiom [ 86 ] and neglect of altruism ...
Game theory is a branch of mathematics that uses models to study interactions with formalized incentive structures ("games"). It has applications in a variety of fields, including economics , evolutionary biology , political science , social psychology and military strategy .
Cognitive hierarchy theory (CHT) is a behavioral model originating in behavioral economics and game theory that attempts to describe human thought processes in strategic games. CHT aims to improve upon the accuracy of predictions made by standard analytic methods (including backwards induction and iterated elimination of dominated strategies ...
Roughly, a mixed strategy randomly chooses a deterministic path through the game tree, while a behavior strategy can be seen as a stochastic path. The relationship between mixed and behavior strategies is the subject of Kuhn's theorem, a behavioral outlook on traditional game-theoretic hypotheses. The result establishes that in any finite ...