David Bourget (Western Ontario)
David Chalmers (ANU, NYU)
Rafael De Clercq
Jack Alan Reynolds
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Journal of Economic Methodology 15 (2):131-146 (2008)
Game?theoretic models consist of a formal game structure and an informal model narrative or story. When game theory is employed to model economic situations, the stories play a central role in interpreting, constructing and solving game structures. We analyse the architecture of game theory and distinguish between game models and the theory proper. We present the different functions of the model narrative in the application of game models to economic situations. In particular, we show how model narratives support the choice of solution concepts defined and provided by the theory proper. We further argue that the narrative's role in interpretation, construction and solution makes it a necessary part of a game model that is intended to be a model of an economic situation. We conclude that game theory is not a universal theory of rationality, but only offers tools to model specific situations at varying degrees and kinds of rationality.
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Citations of this work BETA
Till Grüne-Yanoff (2009). Learning From Minimal Economic Models. Erkenntnis 70 (1):81 - 99.
Jaakko Kuorikoski & Caterina Marchionni (2014). Unification and Mechanistic Detail as Drivers of Model Construction: Models of Networks in Economics and Sociology. Studies in History and Philosophy of Science Part A 48:97-104.
Till Grüne-Yanoff (2011). Models as Products of Interdisciplinary Exchange: Evidence From Evolutionary Game Theory. Studies in History and Philosophy of Science Part A 42 (2):386-397.
Ivan A. Boldyrev (2012). Philosophy of Science or Science and Technology Studies? Economic Methodology and Auction Theory. International Studies in the Philosophy of Science 26 (3):289-307.
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