Palfrey
economist · 1 mention across 1 reading
In this course
Palfrey appears here only as a passing reference in economic game theory literature on quantal response equilibrium, a model where players make probabilistically inconsistent choices rather than perfectly rational ones. The citation (McKelvey and Palfrey 1995, 1998) grounds discussions of how agents might behave under uncertainty in computational and strategic systems, relevant to understanding imperfect rationality in AI and human-machine decision-making contexts. This work enables the course to move beyond deterministic models of agency—crucial for theorizing how both humans and algorithms operate in messy, real-world pandaemonium.
Background
A palfrey is a type of horse that was highly valued as a riding horse in the Middle Ages. It was a lighter-weight horse, usually a smooth gaited one that could amble, suitable for riding over long distances. Palfreys were not a specific breed as horse breeds are understood today.
Wikipedia →Mentioned in 1 reading
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