The chief contribution of formal game theory to our understanding of rationality

After a half century of extremely sophisticated mathematical work on this problem, we can say that the chief contribution of formal game theory to our understanding of rationality has been to demonstrate rather convincingly (if not mathematically) that there is no satisfactory definition of “optimal” rationality in the presence of opportunities for outguessing and outwitting.

Herbert A. Simon, Bounded rationality in social science: Today and tomorrow, Mind & Society 1 (2000), no. 1, 25–39.

Post a comment

You may use the following HTML:
<a href="" title=""> <abbr title=""> <acronym title=""> <b> <blockquote cite=""> <cite> <code> <del datetime=""> <em> <i> <q cite=""> <s> <strike> <strong>