Simple play in the Prisoner's Dilemma

Article Abstract:

An intuitive model was proposed which illustrate the manner in which people simplify objective situations. The model shows that an individual tries to update the scalar that is associated with a chosen strategy by moving it in the direction of the received payoff. Such behavior may result in a situation in which a chosen strategy generates the highest minimum payoff. Such strategy could be very costly with regards to expected payoff maximization.

Research, Decision-making, Models, Decision making, Human behavior, Prisoner's dilemma game

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A further remark on two-moment decisions models and utility-representable preferences

Article Abstract:

A further sufficient condition on two-moment decision models and utility-respresentable preferences is described, which is centered on partial relative risk aversion introduced by Menezes and Hanson (1970) in the expected utility framework.

United States, Analysis, Usage, Decision theory, Utility theory, Utility functions

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