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8 de abr. de 2024 · In their book The Theory of Games and Economic Behavior (1944), von Neumann and Morgenstern asserted that the mathematics developed for the physical sciences, which describes the workings of a disinterested nature, was a poor model for economics.
Hace 3 días · 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. In economics and philosophy , scholars have applied game theory to help in the understanding of good or proper behavior.
12 de abr. de 2024 · We apply an algorithm from the wisdom-of-crowds literature to optimally combine behavioral game theory models to more accurately predict strategic choice in one-shot, simultaneous-move games. We find that the optimal weighted average of seven behavioral game theory models predicts out-of-sample choice behavior significantly better than any of the individual models. The crowd of behavioral game ...
Hace 2 días · Game Theory in Economics Explained. Game theory definition refers to a theoretical framework simplifying social interactions between multiple players competing with each other. It helps to address issues with cooperating or conflicting participants having the ability to make rational choices.
12 de abr. de 2024 · Behavioral economics aims to improve or overhaul traditional economic theory by studying failures in its assumptions that people are rational and selfish. Specifically, it studies the biases, tendencies and heuristics of people's economic decisions.
27 de mar. de 2024 · Oskar Morgenstern was a German-born American economist. Morgenstern taught at the University of Vienna (1929–38) and at Princeton University (1938–70) and New York University (1970–77). With John von Neumann he wrote Theory of Games and Economic Behavior (1944), applying Neumann’s theory of games.
Hace 4 días · IEEE style: Von Neumann, J., and O. Morgenstern, The Theory of Games and Economic Behaviour: Princeton University Press, 1944.
