Boundedly Rational Players Defy Expectations, Persist in Centipede Game
The article explores how people make decisions in games when they don't have all the information. They found that players can reach a balanced state called regret equilibrium by reacting optimally to their opponents' moves based on their beliefs. This concept survives repeated rounds of decision-making and is compared to other game theories. In the centipede game, players are likely to keep playing.