What Is the Link Between Behavioral Economics and Formal Game

question 14

Essay

What is the link between behavioral economics and formal game theory?

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Definitions:

Scientific Method

A systematic process of inquiry involving observation, hypothesis formulation, experimentation, and conclusion to test scientific theories and gain knowledge.

Research Method

The systematic approach to collecting, analyzing, and interpreting data in order to increase understanding of a topic or issue.

Testable Hypothesis

A hypothesis that can be supported or refuted through experimentation or observation, making it possible to draw conclusions.

Hormones

Chemical messengers produced by the endocrine glands that regulate various bodily functions by traveling through the bloodstream to organs and tissues.