“a priori” thinking

Nobel prize–winner and game theory pioneer Reinhard Selten observed that people work diligently to be rational ex post. That is, we commonly look back at how a situation played out to try and understand how a better outcome might have been achieved. This contrasts with a game theory approach in which the goal is to develop a strategy that will lead to that better outcome a priori.

December 7, 2014 · 1 min · 67 words · Shafiq Alibhai