The theory of games was first formalised by Von Neumann & Morgenstern (1953) in reference to human economic behaviour. Since that time, the theory has undergone extensive development... Sensibly enough, a central assumption of classical game theory is that the players will behave rationally, and according to some criterion of self-interest. Such an assumption would clearly be out of place in an evolutionary context. Instead, the criterion of rationality is replaced by that of population dynamics and stability, and the criterion of self-interest by Darwinian fitness.
John Maynard SmithRelated topics
assumption central classical context criterion darwinian development dynamics enough fitness game human place self-interest stability Neumann morgensternRelated quotes
Around 1958, I became aware of H. A. Simon's seminal papers on bounded rationality and was immediately convinced by his arguments. I tried to construct a theory of boundedly rational multigoal decision making. Together with Heinz Sauermann, I worked out an "aspiration adaptation theory of the firm" which was published as a journal article in 1962... More and more I came to the conclusion that purely speculative approaches like that of our paper of 1962 are of limited value. The structure of boundedly rational economic behavior cannot be invented in the armchair, it must be explored experimentally.
Reinhard Selten
Does he concede that the whole basis of the Maastricht treaty is the establishment of a European central bank which is staffed by bankers, independent of national Governments and national economic policies, and whose sole policy is the maintenance of price stability? That will undermine any social objective that any Labour Government in the United Kingdom-or any other Government-would wish to carry out. Does my hon. Friend recognise that the imposition of a bankers' Europe on the people of this continent will endanger the cause of socialism in the United Kingdom and in any other country?
Jeremy Corbyn
Humans have a more complex motivational structure and more capability to solve social dilemmas than posited in earlier rational-choice theory. Designing institutions to force (or nudge) entirely self-interested individuals to achieve better outcomes has been the major goal posited by policy analysts for governments to accomplish for much of the past half century. Extensive empirical research leads me to argue that instead, a core goal of public policy should be to facilitate the development of institutions that bring out the best in humans.
Elinor Ostrom
By the logical syntax of a language, we mean the formal theory of the linguistic forms of that language -- the systematic statement of the formal rules which govern it together with the development of the consequences which follow from these rules. A theory, a rule, a definition, or the like is to be called formal when no reference is made in it either to the meaning of the symbols (for examples, the words) or to the sense of the expressions (e. g. the sentences), but simply and solely to the kinds and order of the symbols from which the expressions are constructed.
Rudolf Carnap
How ironic. In order to avoid the "nutty" theory of inversion, Gaskell invented the even odder notion of stomachs turning into brains with new guts forming below. No wonder then, that later biologists cast a plague on both speculative houses and opted instead for the obvious alternative: arthropods and vertebrates do not share the same anatomical plan at all, but rather represent two separate evolutionary developments of similar complexity from a much simpler common ancestor that grew neither a discrete gut nor a central nerve cord.
Stephen Jay Gould