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Outline- lecture 6- game theory

Outline- lecture 6- game theory - Rational Choice and Game...

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Rational Choice and Game Theory For the feminism summery see the outline of the previous lecture. For all the games and for an example of decision theory- see the accompanying power point file which includes the relevant lecture slides. Rationality: the ability to assess alternatives, and choose a policy which leads to an outcome that offers maximum utility (with minimum cost). Preferences: Representation of the relative utility an actor derives from various outcomes; can be measured ordinally or cardinally; most models of rational choice focus on the order of preferences rather than their subjective cardinal valuation. Expected utility: For each action, determined by multiplying the probability and the utility for each possible outcome. Expected utility is used to predict and explain actors’ decisions in decision theory. It is also used to help rank actors’ preferences over all outcomes in game theory.
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