In this letter, we consider peer-to-peer (P2P) networks, where multiple peers are interested in sharing their content. In the considered P2P system, autonomous and self-interested peers use a Markov Decision Process (MDP) framework to determine their upload bandwidth allocations, which maximize their individual utilities. This framework enables the peers to make foresighted decisions on their bandwidth allocations, by considering the future impact of their decisions. In this letter, we focus on the impact of the peers’ bounded rationality on their resource reciprocation strategies and ultimately, on their achievable utilities. Specifically, we consider peers who have only a limited ability to model the other peers' strategies for resource reciprocation, and study how this impacts their own decisions.