David Bourget (Western Ontario)
David Chalmers (ANU, NYU)
Rafael De Clercq
Jack Alan Reynolds
Learn more about PhilPapers
Theory and Decision 55 (4):315-338 (2003)
A Dutch 'folk theorem' holds that 'from exchange it comes to tears'. This seems to contradict the basic idea found in economics that exchange and trade can make both sides better off. We show that the 'folk theorem' has a better theoretical foundation than sometimes thought, as it is vindicated by the equilibrium of an exchange game with two-sided asymmetric information. We, then, explain the practical value of such 'folk wisdom' in the real world by showing why players might be unlikely to learn such an equilibrium strategy
|Keywords||Economics / Management Science Economics/Management Science, general Operation Research/Decision Theory Methodology of the Social Sciences|
|Categories||categorize this paper)|
Setup an account with your affiliations in order to access resources via your University's proxy server
Configure custom proxy (use this if your affiliation does not provide a proxy)
|Through your library|
References found in this work BETA
No references found.
Citations of this work BETA
No citations found.
Similar books and articles
Herbert Gintis (2006). Behavioral Ethics Meets Natural Justice. Politics, Philosophy and Economics 5 (1):5-32.
Todd S. Mei (2009). The Preeminence of Use: Reevaluating the Relation Between Use and Exchange in Aristotle's Economic Thought. Journal of the History of Philosophy 47 (4):pp. 523-548.
Ian Ravenscroft, Folk Psychology as a Theory. Stanford Encyclopedia of Philosophy.
J. Robert G. Williams (2012). Generalized Probabilism: Dutch Books and Accuracy Domination. [REVIEW] Journal of Philosophical Logic 41 (5):811-840.
Stephen Mills (2001). The Idea of Different Folk Psychologies. International Journal of Philosophical Studies 9 (4):501 – 519.
Stephen Chen & Chong Ju Choi (2005). A Social Exchange Perspective on Business Ethics: An Application to Knowledge Exchange. [REVIEW] Journal of Business Ethics 62 (1):1 - 11.
Justin Leiber (1998). Faculty Before Folk. Behavioral and Brain Sciences 21 (4):579-580.
Linda D. Molm (2003). Theoretical Comparisons of Forms of Exchange. Sociological Theory 21 (1):1-17.
David Braddon-Mitchell (2004). Folk Theories of the Third Kind. Ratio 17 (3):277-293.
George Graham (1987). The Origins of Folk Psychology. Inquiry 30 (December):357-79.
Daniel C. Dennett (1991). Two Contrasts: Folk Craft Vs Folk Science and Belief Vs Opinion. In John D. Greenwood (ed.), The Future of Folk Psychology. Cambridge University Press. 135--148.
Karsten R. Stueber (2009). The Ethical Dimension of Folk Psychology? Inquiry 52 (5):532-547.
Added to index2010-09-02
Total downloads3 ( #344,841 of 1,692,449 )
Recent downloads (6 months)2 ( #111,548 of 1,692,449 )
How can I increase my downloads?