Rationality and backward induction

This paper uses the Centipede Game to criticize formal arguments that have recently been offered for and against backward induction as a rationality principle. It is argued that the crucial issues concerning the interpretation of counterfactuals depend on contextual questions that are abstracted away in current formalisms. I have a text, it always is the same, And always has been, Since I learnt the game. Chaucer, The Pardoner's Tale