Which of the following is a valid critique of the use of game theory in economics?
A) Payoffs to players may be difficult to measure.
B) Players may not have complete information about each other's payoffs.
C) Game theory assumes rational players.
D) All of the statements associated with this question are correct.

Question

Quizplus · Accepted Answer

All of the statements associated with this question are correct. Game theory assumes rational players but in reality, humans are not always rational. Additionally, measuring payoffs can be difficult in real-world situations, and players may not have complete information about each other's payoffs. These limitations can lead to inaccuracies in the predictions generated by game theory models.

Which of the Following Is a Valid Critique of the Use