Research Article Details

Article ID: A35560
PMID: 20365115
Source: Phys Rev E Stat Nonlin Soft Matter Phys
Title: Bounded rationality leads to equilibrium of public goods games.
Abstract: In this work, we introduce a degree of rationality to the public goods games in which players can determine whether or not to participate, and with it a new mechanism has been established. Existence of the bounded rationality would lead to a new equilibrium which differs from the Nash equilibrium and qualitatively explains the fundamental role of loners' payoff for maintaining cooperation. Meanwhile, it is shown how the potential strategy influences the players' decision. Finally, we explicitly demonstrate a rock-scissors-paper dynamics which is a consequence of this model.
DOI: 10.1103/PhysRevE.80.061104