Back in 1991, when yours truly earned his first Ph.D. with a dissertation on decision making and rationality in social choice theory and game theory, I concluded that “repeatedly it seems as though mathematical tractability and elegance — rather than realism and relevance — have been the most applied guidelines for the behavioural assumptions being made. On a political and social level it is doubtful if the methodological individualism, ahistoricity and formalism they are advocating are especially valid.”
This, of course, was like swearing in church. My mainstream neoclassical colleagues were — to say the least — not exactly überjoyed.
For those of you who are not familiar with game theory, but eager to learn something relevant about it, I have three suggestions:
Start with the best introduction there is
and then go on to read more on the objections that can be raised against game theory and its underlying…
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