Information Theory - The Bridge Connecting Bounded Rational Game Theory and Statistical Physics

Details Information Theory - The Bridge Connecting Bounded Rational Game Theory and Statistical Physics Information Theory - The Bridge Connecting Bounded Rational Game Theory and Statistical Physics

2004-02-19

arxiv.org/abs/cond-mat/0402508v1

Physics

Condensed Matter

Statistical Mechanics

17 pages, no figures, accepted for publication

Scientific paper

A long-running difficulty with conventional game theory has been how to modify it to accommodate the bounded rationality of all real-world players. A recurring issue in statistical physics is how best to approximate joint probability distributions with decoupled (and therefore far more tractable) distributions. This paper shows that the same information theoretic mathematical structure, known as Product Distribution (PD) theory, addresses both issues. In this, PD theory not only provides a principled formulation of bounded rationality and a set of new types of mean field theory in statistical physics. It also shows that those topics are fundamentally one and the same.

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