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Cognitive Hierarchy Process Models of Strategic Thinking in Games

Camerer, Colin F. (2015) Cognitive Hierarchy Process Models of Strategic Thinking in Games. In: The Wiley Blackwell Handbook of Judgment and Decision Making, II. Wiley , Chichester, pp. 543-567. ISBN 9781118468333. https://resolver.caltech.edu/CaltechAUTHORS:20210202-154428359

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Abstract

This chapter discusses specialized models of the cognitive processes involved in strategic thinking. It describes strategic thinking by the choice of strategies in mathematical games. Game theory specifies how players choose high‐value strategies by guessing the likely choices of other players and acting on these guesses. Realistically, players may fail to correctly guess what others will do. This naturally limited thinking process is the main focus of this chapter. The chapter talks about one part of behavioral game theory: a cognitive hierarchy (CH) model of the limits on what players infer what other players will do. It also presents some motivating empirical examples of the wide scope of games to which the theory has been applied with some success, including field data, and consistency with data on functional magnetic resonance imaging (fMRI) and visual fixations measured using both Mouselab and eye tracking.


Item Type:Book Section
Related URLs:
URLURL TypeDescription
https://doi.org/10.1002/9781118468333.ch19DOIArticle
ORCID:
AuthorORCID
Camerer, Colin F.0000-0003-4049-1871
Additional Information:© 2015 John Wiley & Sons, Ltd. Published Online: 18 December 2015; Published Print: 29 December 2015.
Subject Keywords:behavioral game theory; cognitive hierarchy process models; mathematical games; strategic thinking; visual fixations
DOI:10.1002/9781118468333.ch19
Record Number:CaltechAUTHORS:20210202-154428359
Persistent URL:https://resolver.caltech.edu/CaltechAUTHORS:20210202-154428359
Official Citation:Camerer, C.F. (2015). Cognitive Hierarchy Process Models of Strategic Thinking in Games. In The Wiley Blackwell Handbook of Judgment and Decision Making (eds G. Keren and G. Wu). https://doi.org/10.1002/9781118468333.ch19
Usage Policy:No commercial reproduction, distribution, display or performance rights in this work are provided.
ID Code:107884
Collection:CaltechAUTHORS
Deposited By: Tony Diaz
Deposited On:03 Feb 2021 00:14
Last Modified:16 Nov 2021 19:07

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