The Journal of Management Science and Economics “Retos“, has just published an article entitled: Behavioral and psychological game theory: a systematic review, written by Rafael López, PhD, Provost of Evidentia University, José Luis Calvo, PhD, Professor of Economic Theory and Mathematical Economics at the UNED (Spain) and Ignacio de la Torre, who is part of the research staff of the Behavior and Law Research Foundation.
The article aims to clarify whether there are differences between behavioral and psychological game theory approaches. From the field of game theory, the most classical position has systematically excluded the study of the psychological variables of behavior. However, new approaches in behavioral game theory assume a rationality that allows more accurate predictions about human behavior in economic decision making under uncertainty.
The authors, after reviewing 492 studies of which only 64 met the inclusion criteria, have concluded that the behavioral approach and the psychological approach do not present conceptual and structural differences, as to be defined as two different theories and that the supposed diversity is simply due to the power of the authors to cover their work under one nomenclature or another.
For those interested in going deeper into the subject, this is the bibliographical reference:
López, R., Calvo, J. L. and de la Torre, I. (2022). Behavioral and psychological game theory: a systematic review. Retos Revista de Ciencias de la Administración y Economía, 12(24), pp. 308-328. https://doi.org/10.17163/ret.n24.2022.07