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Love is not enough: Other-regarding preferences cannot explain payoff dominance in game theory

Published online by Cambridge University Press:  27 April 2007

Andrew M. Colman
Affiliation:
School of Psychology, University of Leicester, Leicester LE1 7RH, United Kingdom. amc@le.ac.ukhttp://www.le.ac.uk/home/amc

Abstract

Even if game theory is broadened to encompass other-regarding preferences, it cannot adequately model all aspects of interactive decision making. Payoff dominance is an example of a phenomenon that can be adequately modeled only by departing radically from standard assumptions of decision theory and game theory – either the unit of agency or the nature of rationality.

Type
Open Peer Commentary
Copyright
2007 Cambridge University Press

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