4 found
Order:
  1.  57
    Rationality of Belief Or: Why Savage’s Axioms Are Neither Necessary nor Sufficient for Rationality.Itzhak Gilboa, Andrew Postlewaite & David Schmeidler - 2012 - Synthese 187 (1):11-31.
    Economic theory reduces the concept of rationality to internal consistency. As far as beliefs are concerned, rationality is equated with having a prior belief over a “Grand State Space”, describing all possible sources of uncertainties. We argue that this notion is too weak in some senses and too strong in others. It is too weak because it does not distinguish between rational and irrational beliefs. Relatedly, the Bayesian approach, when applied to the Grand State Space, is inherently incapable of describing (...)
    Direct download (2 more)  
     
    Export citation  
     
    Bookmark   12 citations  
  2.  68
    Rationality of Belief Or: Why Savage’s Axioms Are Neither Necessary nor Sufficient for Rationality. [REVIEW]Itzhak Gilboa, Andrew Postlewaite & David Schmeidler - 2012 - Synthese 187 (1):11-31.
    Economic theory reduces the concept of rationality to internal consistency. As far as beliefs are concerned, rationality is equated with having a prior belief over a “Grand State Space”, describing all possible sources of uncertainties. We argue that this notion is too weak in some senses and too strong in others. It is too weak because it does not distinguish between rational and irrational beliefs. Relatedly, the Bayesian approach, when applied to the Grand State Space, is inherently incapable of describing (...)
    Direct download (6 more)  
     
    Export citation  
     
    Bookmark   12 citations  
  3.  31
    Is It Always Rational to Satisfy Savage's Axioms?Itzhak Gilboa, Andrew Postlewaite & David Schmeidler - 2009 - Economics and Philosophy 25 (3):285-296.
    This note argues that, under some circumstances, it is more rational not to behave in accordance with a Bayesian prior than to do so. The starting point is that in the absence of information, choosing a prior is arbitrary. If the prior is to have meaningful implications, it is more rational to admit that one does not have sufficient information to generate a prior than to pretend that one does. This suggests a view of rationality that requires a compromise between (...)
    Direct download (9 more)  
     
    Export citation  
     
    Bookmark   17 citations  
  4.  17
    What Are Axiomatizations Good For?Itzhak Gilboa, Andrew Postlewaite, Larry Samuelson & David Schmeidler - 2019 - Theory and Decision 86 (3-4):339-359.
    Do axiomatic derivations advance positive economics? If economists are interested in predicting how people behave, without a pretense to change individual decision making, how can they benefit from representation theorems, which are no more than equivalence results? We address these questions. We propose several ways in which representation results can be useful and discuss their implications for axiomatic decision theory.
    No categories
    Direct download (2 more)  
     
    Export citation  
     
    Bookmark   2 citations