Games, Rationality and Behaviour: Essays on Behavioural Game Theory and Experiments

by Alessandro Innocenti (Editor), Patrizia Sbriglia (Editor)

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Synopsis of Games, Rationality and Behaviour: Essays on Behavioural Game Theory and...

For many years, the mathematics of game theory was intended as a formal language to represent social environments in which more than one individual is involved and where players are simply aware of their reciprocal interdependence. Game theory models have been powerful theoretical instruments to explain the functioning and the evolution of markets, institutions and social groups. They have also captured the nature and the rules of individual decision-making in strategic contexts, providing answers and predictions on what is to be expected when individuals interact in economic and political games. Behavioural game theory is the most important recent development of standard game theory, and its applications regard several fields of research, ranging from economic theory to sociology and political science. Behavioural game theory aims to provide a behavioural and psychological approach to game theory modelling, in order to identify more robust equilibrium outcomes and more realistic behavioural assumptions. This book explores the key topics in detail, covering issues such as players' heterogeneity, social preferences, reciprocity, learning and information, and punishment in public good games. It provides a state-of-the-art analysis of the progress and methodology of behavioural game theory, as well as exploring the interdisciplinary aspects of the subject, and is an extremely valuable resource for academics and scholars with an interest in the area.