By Roger E. Backhouse, Daniel M. Hausman, Uskali Mäki, Andrea Salanti
Roger E. Backhouse, Daniel M. Hausman, Uskali Mäki, Andrea Salanti (eds.)
This quantity brings economics and method nearer jointly via a chain of six methodological case reports, each one of that is mentioned via practitioner within the appropriate box, and a consultant in method. the target is a greater knowing of economics as a systematic self-discipline and insights into the way in which methodological dialogue can tell perform. one of the subject matters mentioned are: video game thought, externalities, loose using, involuntary unemployment, the talk over stabilization coverage, and the idea of shopper call for.
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Extra resources for Economics and Methodology: Crossing Boundaries
Thus, the players will never coordinate given these prior beliefs. How can the Bayesian learning approach be interpreted in view of the discussion in Section 2? The approach is certainly rationalistic and common knowledge does not play any role. Is this then the ultimate justification for the Nash equilibrium concept that satisfies even the naive form of PI? The critical point in the evaluation seems to be how to interpret the grain of truth assumption that is imposed on the players' priors. One common idea is that priors are subjective and this would be in line with PL However, the second example shows that the priors in K&L's approach cannot just be any subjective priors, because for arbitrary subjective priors their result will not hold.
Roughly speaking, they show that players will eventually predict the future play of their opponent almost correctly. As players maximize discounted pay-offs, this implies that their strategies will eventually 18 Individualism and Equilibrium Coordination in Games come close to a Nash equilibrium of the repeated game. Formally, the assumption K&L use to obtain this result is that the combination of strategies that is actually played is absolutely continuous with respect to the players' prior beliefs.
Each player must decide on what to play or expect on an individual basis' (p. 75). 12 A classic example is the question where two foreigners visiting New York City would go in case they have lost each other and they want to meet each other as soon as possible. There is a wide variety of possible alternatives from returning to the spot they were last together, to many tourist places such as the Empire State Building or the 'Met'. Note that each of these alternatives is a Nash equilibrium strategy provided that the other player chooses the same alternative.