The theory of repeated games is able to account for phenomena such as altruism, cooperation, trust, loyalty, revenge, threats (self-destructive or otherwise) – phenomena that may at first seem irrational – in terms of the "selfish” utility-maximizing paradigm of game theory and neoclassical economics.
Robert AumannRelated topics
able account altruism economics game irrational paradigm revenge trust neoclassicalRelated quotes
It's actually a tribute to the quality of economics teaching that they have persuaded so many generations of students to believe in so much that seems so counter to what the world is like. Many of the things that I'm going to describe make so much more common sense than these notions that seem counter to what ones eyes see every day.
Joseph Stiglitz
Mr. David Stockman has said that supply-side economics was merely a cover for the trickle-down approach to economic policy - what an older and less elegant generation called the horse-and-sparrow theory: If you feed the horse enough oats, some will pass through to the road for the sparrows.
John Kenneth Galbraith
I'm done with girls on rocks! I've painted them for thirteen years and I could paint them and sell them for thirteen more. That's the peril of the commercial art game. It tempts a man to repeat himself. it's an awful thing to get to be a rubber stamp. I'm quitting my rut now while I'm still able.
Maxfield Parrish