Title: On the Irrational Effect of the Purse-game Paradox and Its Implication to Behavioral Economics
Abstract: A cognitive framework of the purse-game paradox which is an important micro model in the behavioral economics is established; this framework not only clears up the paradox completely, but also shows a new irrational effect which is irrelevant to the utility and probability. This effect could bring on the transaction trap and produce more complicated irrational decision making together with some known effects of behavioral economics.
Publication Year: 2003
Publication Date: 2003-01-01
Language: en
Type: article
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