The legacy of Herbert Simon in game theory

Article Abstract:

A background is provided to the recent resurgence of interest in bounded rationality modeling in game theory by juxtaposing the histories of game theory and bound rationality, tracing Herbert Simon's response to the evolution of game theory. Criticisms rose against von Neumann and Morgenstern's approach is also detailed.

Economics, Simon, Herbert Alexander, Economic theory

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Strategic mismatching and competing teams

Article Abstract:

Mismatching and efficiency loss arise due to Informational problems. The strategic roles of mismatching are being discussed, wherein, players form inefficient teams. However, the results derived states that, the kind of competition at the final stage of the game can play a major role in strategic mismatching.

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An experiment on Nash implementation

Article Abstract:

The results of an experimental test, conducted on the modification of the controversial Nash implementation mechanism are provided. For a majority of the time, this mechanism implements the desired outcome and thus, provides evidence for the feasibility of such implementation.

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