In game theory, players are assumed to be perfectly logical and will use all available information to make the wisest choice for themselves.
Is it true that in game theory, players are assumed to be perfectly logical and will use all available information to make the wisest choice for themselves?
No. While classical economic and game-theoretic models traditionally assumed perfect rationality and complete information, modern behavioral game theory and economics demonstrate that real decision-makers exhibit bounded rationality and cognitive limitations.
Verdict: REFUTED · 0 sources for, 6 against · Last checked
The claim asserts that game theory assumes players are perfectly logical and use all available information to make optimal choices. While classical game theory historically adopted variants of this assumption (often termed 'olympian' or perfect rationality), modern game theory—especially evolutionary and behavioral game theory represented in the retrieved literature—explicitly rejects this premise in favor of bounded rationality, cognitive constraints, and prospect theory. Therefore, the claim as a universal statement about game-theoretic actors is refuted by contemporary modeling approaches.
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Jolls, C. (2017). Bounded Rationality, Behavioral Economics, and the Law. doi.org. https://doi.org/10.1093/oxfordhb/9780199684267.013.005
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Egidi, M. (2005). From Bounded Rationality to Behavioral Economics. doi.org. https://doi.org/10.2139/ssrn.758424
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Y, Z. & X, S. (2026). Governing digital misinformation: A computational analysis of platform intervention using a three-party evolutionary game model.. doi.org. https://doi.org/10.1371/journal.pone.0351207
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S, X. (2026). A prospect-theoretic evolutionary game approach for disinformation governance in social-media ecosystems.. doi.org. https://doi.org/10.1038/s41598-026-53697-9
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H, L., Y, C., J, T., H, L., W, Z., & Z, L. (2026). Data sharing and platform empowerment in vehicle-road-cloud integration: a prospect theory based evolutionary game analysis.. doi.org. https://doi.org/10.1038/s41598-026-53705-y
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D, H. & Y, W. (2026). Member selection in traditional Chinese medicine innovation consortia: an evolutionary game theory approach.. doi.org. https://doi.org/10.3389/fmedt.2026.1786671
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The claim asserts that game theory assumes players are perfectly logical and use all available information to make optimal choices. While classical game theory historically adopted variants of this assumption (often termed 'olympian' or perfect rationality), modern game theory—especially evolutionary and behavioral game theory represented in the retrieved literature—explicitly rejects this premise in favor of bounded rationality, cognitive constraints, and prospect theory. Therefore, the claim as a universal statement about game-theoretic actors is refuted by contemporary modeling approaches.
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