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Game theory, the formalized study of strategy, began in the 1940s by asking how emotionless geniuses should play games, but ignored until recently how average people with emotions and limited foresight actually play games. This book marks the first substantial and authoritative effort to close this gap. Colin Camerer, one of the field's leading figures, uses psychological principles and hundreds of experiments to develop mathematical theories of reciprocity, limited strategizing, and learning, which help predict what real people and companies do in strategic situations. Unifying a wealth of information from ongoing studies in strategic behavior, he takes the experimental science of behavioral economics a major step forward. He does so in lucid, friendly prose.
Behavioral game theory has three ingredients that come clearly into focus in this book: mathematical theories of how moral obligation and vengeance affect the way people bargain and trust each other; a theory of how limits in the brain constrain the number of steps of "I think he thinks . . ." reasoning people naturally do; and a theory of how people learn from experience to make better strategic decisions. Strategic interactions that can be explained by behavioral game theory include bargaining, games of bluffing as in sports and poker, strikes, how conventions help coordinate a joint activity, price competition and patent races, and building up reputations for trustworthiness or ruthlessness in business or life.
While there are many books on standard game theory that address the way ideally rational actors operate, Behavioral Game Theory stands alone in blending experimental evidence and psychology in a mathematical theory of normal strategic behavior. It is must reading for anyone who seeks a more complete understanding of strategic thinking, from professional economists to scholars and students of economics, management studies, psychology, political science, anthropology, and biology.
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The book has many strengths. First, Camerer is one of the Very Important Scholars in behavioral economics, and there are less than a handful of people (Matt Rabin) who could conceivably be argued to be more authoritative on the subject matter. Second, Camerer makes extraordinarily good use of summary tables, explicit sections/subsections/subsubsections, summary paragraphs, and the like to help the reader keep track of the details, and to quickly locate the particular details of interest. Third, the introductory chapter offers a wonderful and intuitive introduction to the field; I have often started the first class of a new semester by reproducing the experiments in the chapter as classroom demonstrations. Fourth, the appendices to the introduction offer a good overview of economics experiments and of game theory (no substitute for a full textbook on game theory, of course, but a good refresher, and enough to get the bare bones of the subject). I expect the reader will quickly find many other reasons to admire this book.
This is NOT a book for a casual read by a non-economist. It's a textbook, or a handbook for economists and other people with a reasonable mathematical background who want to see, in one place, the most important results in behavioral game theory (as of a few years ago). It's also designed to present scholarly research, which means the reader should be prepared for the scholar's willingness to leave a lot of loose ends lying around and NOT to claim to know the definitive answers to the questions.
If you are a lay person looking for a behavioral economics book for the general audience, you should probably look to Richard Thaler and Cass Sunstein's Nudge or Dan Ariely's Predictably Irrational. All three of those authors are first-tier scholars and major contributors to the literature in their own right, and those books are written with a non-specialist audience in mind.
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