In 1982, Milgrom and Stokey proved a remarkable “Groucho Marx theorem”: If rationality is common knowledge, risk-averse players should not make speculative bets with one another (unless they have hedging motives). Of course, speculation goe…Schelling, Thomas, The Strategy of Conflict (Cambridge, MA: Harvard University Press, 1960).
Selten, Reinhard, “Features of Experimentally Observed Bounded Rationality,” European Economic Review, XLII (1998), 413–436.
Sonsino, Doron, Ido Er…
Doron Sonsino
economist · 2 mentions across 1 reading
In this course
Sonsino appears as a co-author in a reference on bounded rationality and experimental economics, likely contributing to empirical work on how agents make decisions under constraints rather than assuming perfect rationality. The citation positions his work alongside Selten's foundational research on bounded rationality, suggesting the course uses experimental findings to trouble classical assumptions about rational actors—a crucial move when examining how actual systems (algorithmic, human, hybrid) deviate from theoretical ideals. His presence here supports the seminar's interest in real-world decision-making behavior as a counterpoint to the rational-agent models that underpin much AI and economic theory.
Mentioned in 1 reading
Appears alongside
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