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Rationality in Extensive Form Games (Hardcover, 2001 ed.)
Loot Price: R2,933
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Rationality in Extensive Form Games (Hardcover, 2001 ed.)
Series: Theory and Decision Library C, 29
Expected to ship within 10 - 15 working days
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This book is concerned with situations in which several persons
reach decisions independently and the final consequence depends,
potentially, upon each of the decisions taken. Such situations may
be described formally by an extensive form game: a mathematical
object which specifies the order in which decisions are to be
taken, the information available to the decision makers at each
point in time, and the consequence that results for each possible
combination of decisions. A necessary requirement for rational
behavior in such games is that each decision maker should reach a
decision that is optimal, given his preferences over his own
decisions. This requirement is far from sufficient, however, since
every decision maker should in addition base his preferences upon
the conjecture that his opponents will act optimally as well. It is
this principle that distinguishes noncooperative game theory from
one-person decision theory. The main purpose of Rationality in
Extensive Form Games is to discuss different formalizations of this
principle in extensive form games, such as backward induction, Nash
equilibrium, forward induction and rationalizability, under the
assumption that the decision makers' preferences are given by
subjective expected utility functions. The various formalizations,
or rationality criteria, are illustrated by examples, and the
relationships among the different criteria are explored.
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