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(Hardback)

By: Jacob K. Goeree

ISBN: 9780691124230
Readership/Audience: Tertiary Education
Publication Date: Sep 2016
Publisher: Princeton University Press
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Quantal Response Equilibrium presents a stochastic theory of games that unites probabilistic choice models developed in psychology and statistics with the Nash equilibrium approach of classical game theory. Nash equilibrium assumes precise and perfect decision making in games, but human behavior is inherently stochastic and people realize that the