Quantal Response Equilibrium – A Stochastic Theory of Games

Princeton University Press
Publication Type:
Issue Date:
Filename Description Size
Quantal_Response_Equilibrium.pdfPublished version2.84 MB
Adobe PDF
Full metadata record
Quantal Response Equilibrium presents a stochastic theory of games that unites probabilistic choice models developed in psychology and statistics with the Nash equilibrium approach of classical game theory. Nash equilibrium assumes precise and perfect decision making in games, but human behavior is inherently stochastic and people realize that the behavior of others is not perfectly predictable. In contrast, QRE models choice behavior as probabilistic and extends classical game theory into a more realistic and useful framework with broad applications for economics, political science, management, and other social sciences.
Please use this identifier to cite or link to this item: