Thomas R. Palfrey
Professor of Economics and Political Science
California Institute of Technology
at time of fellowship
2014 to 2015
Palfrey will write a book on Quantal Response Equilibrium (QRE) and its applications to the social sciences. Developed by Palfrey and Richard McKelvey, QRE is a game theory concept that is now one of the leading approaches to modeling bounded rationality—the idea that individuals’ rationality is limited by the information they have—in games.
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