Rationality and backward induction

Ken Binmore

Journal of Economic Methodology, 1997, vol. 4, issue 1, 23-41

Abstract: This paper uses the Centipede Game to criticize formal arguments that have recently been offered for and against backward induction as a rationality principle. It is argued that the crucial issues concerning the interpretation of counterfactuals depend on contextual questions that are abstracted away in current formalisms. I have a text, it always is the same, And always has been, Since I learnt the game. Chaucer, The Pardoner's Tale

Date: 1997
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DOI: 10.1080/13501789700000002

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