An Essay on Decision Theory with Imperfect Recall

Lorand Ambrus-Lakatos ()
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Lorand Ambrus-Lakatos: Department of Political Science, Central European University

No 9905, CERS-IE WORKING PAPERS from Institute of Economics, Centre for Economic and Regional Studies

Abstract: In this paper, I seek to establish a framework in which solutions to imperfect recall decision problems can be suitably examined. I introduce a strategy concept which is an extension of the standard concept employed since von Neumann and Morgenstern, and show how it may provide optimal solutions to problems which feature forgetting. For a technical analysis, I provide a characterization of imperfect recall extensive forms, a crucial input into future studies on the properties of optimal extended strategies. Also, I discuss further issues in decision theory with imperfect recall, including the prospects of induced forgetting when preferences change during the problem.

Keywords: decision theory; bounded rationality; imperfect recall; strategy (search for similar items in EconPapers)
Pages: 68 pages
Date: 1999-09
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Citations: View citations in EconPapers (1)

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