Memory, Induction, and Strategic Behaviour in Economic and Social Situations

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This project will provide economists, game theorists and other social scientists with a theoretical framework to model players with limited memories, and to model the process by which they develop their subjective views. By giving a formal treatment of the problem of induction, it will help us to understand how people might come to have different views on the world. By capturing new aspects of bounded memory, it will extend our understanding of agents with bounded rationality. The emergence of sophisticated strategic concepts and behavioural implications of these subjective views in society can also be described and discussed in this framework.