"Theoretical Advances Spurred by "Stubborn Facts
A Defense of the Behavioral Economics Paradigm
Bibliographic Data
| ID | 3758159 |
|---|---|
| Authors | William S Neilson (0000-0002-6789-9378, University of Tennessee, Knoxville, TN, USA, corresponding author) |
| Year | 2011 |
| Volume | 55 |
| Issue | 8 |
| Pages | 976-986 |
| Publication date | 2011-08-01 |
| Open Access | Yes |
| Type | ARTICLE |
| Venue | American Behavioral Scientist (JOURNAL) |
| Journal identifiers | ISSN: 0002-7642 • E-ISSN: 1552-3381 |
| Publisher | SAGE Publications Inc (PUBLISHER) |
| DOI | 10.1177/0002764211409190 |
| OpenAlex | W2158317205 |
| Language | EN |
| References cited | 13 |
Economists have regarded behavioral economics as contributing evidence violating accepted theories. This paper contends that a second, perhaps more important, contribution is the new theory that has arisen to address these challenges. To illustrate, the paper examines how a single observed fact, cooperation in the finitely-repeated prisoners' dilemma, has led to extensions of the folk theorem as well as to new concepts including sequential equilibrium, quantal response equilibrium, psychological game theory, and pregame and post-game perfection. Thus, the observed departures from previously-standard theories have led to not only new understandings of behavior, but also to additions to the economics toolkit
Dilemma · Economics · Epistemology · Equilibrium selection · Experimental economics · Folk theorem · Game theory · Mathematical economics · Neoclassical economics · Perfection · Positive economics · Prisoner's dilemma · Repeated game · Experimental Behavioral Economics Studies · Game Theory and Applications · Game Theory and Voting Systems · Philosophy
Perfect Equilibrium in a Bargaining Model
Reputation and imperfect information
An Experimental Study of the Centipede Game
Quantal Response Equilibria for Normal Form Games
Psychological games and sequential rationality
The Folk Theorem in Repeated Games with Discounting or with Incomplete Information
Sequential Equilibria
Social Norms and Community Enforcement
Rational cooperation in the finitely repeated prisoners' dilemma
Incorporating Fairness into Game Theory and Economics
Conversation and Cooperation in Social Dilemmas
| Highly cited | No |
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