Knowledge-Based Rational Decisions

  title={Knowledge-Based Rational Decisions},
  author={Sergei Artemov},
We outline a mathematical model of rational decision-making based on standard game-theoretical assumptions: 1) rationality yields a payoff maximization given the player’s knowledge; 2) the standard logic of knowledge for Game Theory is the modal logic S5. Within this model, each game has a solution and rational players know which moves to make at each node. We demonstrate that uncertainty in games of perfect information results exclusively from players’ different perceptions of the game. In… CONTINUE READING
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