Rationality and uncertainty

Name: Rationality and uncertainty
Brand: Vita e Pensiero
Price: 6.00 EUR
Availability: OnlineOnly

digital

Article

Magazine

RIVISTA INTERNAZIONALE DI SCIENZE SOCIALI

Issue

RIVISTA INTERNAZIONALE DI SCIENZE SOCIALI - 2012 - 3

Title

Rationality and uncertainty

Authors

Andrew Postlewaite, David Schmeidler

Publisher

Vita e Pensiero

Format

Article |

Pdf

Pages

Online from

03-2012

Issn

0035-676X (print) | 1827-7918 (digital)

€ 6.00

Ebook format Pdf readable on these devices:

Computer
with Software:
- Adobe PDF Reader
Android
iPhone/Ipad
with App:
- Adobe PDF Reader
E-Book Reader
Ibs Tolino
Kobo

Description

Experimental psychologists and economists construct an individual or interactive decision situation in the laboratory. They find non-negligible differences between the observed behavior of participants and the theoretically implied behavior. We refer here to the expected utility theory and to strategic equilibrium in non-cooperative game theory. We comment on the question whether rationality, implies these theoretical behaviors and whether the non-negligible differences as above imply that participants in experiments are irrational. We also comment on the relation between rationality and consistency, in particular in situations of uncertainty.