The logit equilibrium: a perspective on intuitive behavioral anomalies.

From: Southern Economic Journal | Date: July 1, 2002| Author: Anderson, Simon P.; Goeree, Jacob K.; Holt, Charles A. | Copyright information

1. Introduction

With the possible exception of supply and demand, the Nash equilibrium is the most widely used theoretical construct in economics today. Indeed, almost all developments in some fields such as industrial organization are based on a game-theoretic analysis. With Nash as its centerpiece, game theory is becoming more widely applied in other disciplines such as law, biology, and political science and it is arguably the closest thing there is to being a general...

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