Essays On Bounded Rationality In Applied Game Theory
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Essays on Bounded Rationality in Applied Game Theory
The third chapter of this dissertation is a study of data on bidding behavior in eBay auctions of Amazon.com gift certificates. I find that 41.1% of winning prices in these auctions exceed the face value, which is an observable upper bound for rational bidding because Amazon.com sells certificates at face value. Alternative interpretations are explored, but bidding fever seems to be the most plausible explanation for the observed behavior.
Game Theory and Economic Behaviour
Author: Reinhard Selten (Economist, Germany)
language: en
Publisher: Edward Elgar Publishing
Release Date: 1999-03-24
'These two volumes constitute an impressive collection of selected path-breaking works of Professor Selten. . . . Edward Elgar Publications deserve merit for bringing out most frequently-cited and prominent articles of Professor Selten in a conveniently available package.' - K. Ravikumar, Journal of Scientific and Industrial Research In 1994, the Nobel Prize was awarded to Reinhard Selten, John Nash and John Harsanyi, for pioneering analysis in game theory. Selten was the first to refine the Nash equilibrium concept of non-cooperative games for analysing dynamic strategic interaction and to apply these concepts to analyses of oligopoly.
Essays on New Institutional Economics
This collection of essays comprises some of Rudolf Richter’s important contributions to research on New Institutional Economics (NIE). It deals with the central idea, principles, and methodology of New Institutional Economics and explores its relation to sociology and law. Other chapters examine applications of NIE to various microeconomic and macroeconomic issues in the face of uncertainty, from entrepreneurship to the euro crisis.