PPT Slide
Much economics and game theory is built upon unrealistic (e.g., empirically falsified) axiomatic foundations, such as:
- strictly convex preferences
- expected utility, Bayesianism
- constant returns to scale
- perfect rationality
…and uses solution concepts that are unrealistic (e.g., computationally intractable):
- Brouwer and Kakutani fixed-point theorems
- the core
Thus, multi-agent systems may fail to yield idealized outcomes of economic theory