The Liar Strategy and Surprises: so What Is the Lucas Critique?a New Perspective from Computability Theory
نویسندگان
چکیده
In a two person game, the Liar strategy falsifies or subverts the predictable outcomes of the other person’s strategy. Following the Gödelian argument of Binmore(1987), we prove that the best response to the Liar strategy in the Nash equilibrium of the game are surprise strategies. Computable game theory permits the surprise/innovation to be modelled by a total computable best response function that corresponds to the productive function that can implement new institutions outside extant action sets. Systemic structural breaks that cannot be recursively enumerated follow along with predictive failure of meta models. This yields a precise formalisation of the Lucas Critique. JEL Classification : C00;C76; E61.
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