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Description of  Hidden Games: The Surprising Power of Game Theory to Explain Irrational Human Behavior

Two MIT economists show how game theorythe ultimate theory of rationalityexplains irrational behavior We like to think of ourselves as rational. This idea is the foundation for classical economic analysis of human behavior, including the awesome achievements of game theory. But as behavioral economics shows, most behavior doesnt seem rational at allwhich, unfortunately, casts doubt on game theorys real-world credibility. Read more