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The Confusion of Is and Ought in Game Theoretic Contexts

Author

Listed:
  • Joseph B. Kadane

    (Carnegie-Mellon University)

  • Patrick D. Larkey

    (Carnegie-Mellon University)

Abstract

This paper explores the distinction between normative and positive theoretical statements in a game theoretic context from a Bayesian perspective. Normative and positive theoretical statements are often confused in decision making research. The confusion results from some unique epistemological and methodological problems associated with cognitive behavior as an object for scientific inquiry. The confusion persists because of poor model validation procedures which are themselves further complicated by the confusion. The confusion greatly impedes the development of more useful prescriptions for and predictions of human decision behavior. From a Bayesian perspective which acknowledges the importance of incomplete information and imperfect theories of behavior, the confusion is unnecessary.

Suggested Citation

  • Joseph B. Kadane & Patrick D. Larkey, 1983. "The Confusion of Is and Ought in Game Theoretic Contexts," Management Science, INFORMS, vol. 29(12), pages 1365-1379, December.
    • Handle: RePEc:inm:ormnsc:v:29:y:1983:i:12:p:1365-1379
    DOI: 10.1287/mnsc.29.12.1365
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    Cited by:

    1. Rudolf Vetschera, 2003. "Experimentation and Learning in Repeated Cooperation," Computational and Mathematical Organization Theory, Springer, vol. 9(1), pages 37-60, May.
    2. Thwaites, Peter A. & Smith, Jim Q., 2018. "A graphical method for simplifying Bayesian games," Reliability Engineering and System Safety, Elsevier, vol. 179(C), pages 3-11.
    3. Guilhem Lecouteux, 2018. "Bayesian game theorists and non-Bayesian players," The European Journal of the History of Economic Thought, Taylor & Francis Journals, vol. 25(6), pages 1420-1454, November.
    4. Robert Nau, 2001. "De Finetti was Right: Probability Does Not Exist," Theory and Decision, Springer, vol. 51(2), pages 89-124, December.
    5. Joseph Kadane & Javier Girón & Daniel Peña & Peter Fishburn & Simon French & D. Lindley & Giovanni Parmigiani & Robert Winkler, 1993. "Several Bayesians: A review," TEST: An Official Journal of the Spanish Society of Statistics and Operations Research, Springer;Sociedad de Estadística e Investigación Operativa, vol. 2(1), pages 1-32, December.
    6. Velu, C. & Iyer, S., 2008. "Returns-Based Beliefs and The Prisoner’s Dilemma," Cambridge Working Papers in Economics 0854, Faculty of Economics, University of Cambridge.
    7. Dogucan Mazicioglu & Jason R. W. Merrick, 2018. "Behavioral Modeling of Adversaries with Multiple Objectives in Counterterrorism," Risk Analysis, John Wiley & Sons, vol. 38(5), pages 962-977, May.
    8. Peter Boatwright & Sharad Borle & Joseph B. Kadane, 2010. "Common Value vs. Private Value Categories in Online Auctions: A Distinction Without a Difference?," Decision Analysis, INFORMS, vol. 7(1), pages 86-98, March.
    9. Robert T. Clemen & Don N. Kleinmuntz, 2004. "From the Editors…," Decision Analysis, INFORMS, vol. 1(3), pages 129-130, September.
    10. Velu, C. & Iyer, S., 2008. "The Rationality of Irrationality for Managers: Returns- Based Beliefs and the Traveller’s Dilemma," Cambridge Working Papers in Economics 0826, Faculty of Economics, University of Cambridge.
    11. Tetsuo Kondo, 1990. "Some Notes on Rational Behavior, Normative Behavior, Moral Behavior, and Cooperation," Journal of Conflict Resolution, Peace Science Society (International), vol. 34(3), pages 495-530, September.
    12. Rudolf Vetschera, 2004. "Behavioral uncertainty and investments in cooperative relationships," Managerial and Decision Economics, John Wiley & Sons, Ltd., vol. 25(1), pages 17-27.
    13. Niklas Vareman, 2008. "Norms and Descriptions," Decision Analysis, INFORMS, vol. 5(2), pages 88-99, June.

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    Keywords

    game theory;

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