Abstract:Describing the interactional behavior of rational agents and seeking equilibria are two main domains of game theory. The epistemic foundation of the above two domains is based on the assumption that all players are rational. However, game theory itself cannot precisely model the higher-order information changes of mutual knowledge among players, so in the current studies of game theory the interpretations of rationality are vague. In this paper, a concept of the rationality is redefined through incorporating a… Show more
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