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Game theory need not abandon individual maximization
Published online by Cambridge University Press: 02 October 2003
Abstract:
Colman proposes that the domain of interpersonal choice requires an alternative and nonindividualistic conception of rationality. However, the anomalies he catalogues can be accounted for with less radical departures from orthodox rational choice theory. In particular, we emphasize the need for descriptive and prescriptive rationality to incorporate recursive interplay between one's own choices and one's expectation regarding others' choices.
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