منابع مشابه
Rationality and Uncertainty
The two approaches both have fairly straightforward interpretations in choices with certainty. The internal consistency approach has been much used in the theory of 'revealed preference', with various 'axioms' of revealed preference serving as conditions of internal consistency of choice (see Samuelson (1947))) In much of modern economic theory, 'rational choice' is seen as no more and no less ...
متن کاملEconomic Rationality under Uncertainty
Though uncertainty pervades all aspects of life and human action, it has a rather short history in economics. Surprisingly, Daniel Bernoulli’s (1738) notion of expected utility, which suggests that (in games of chance) monetary risky ventures ought to be evaluated by the sum of utilities of outcomes weighted by the corresponding probabilities, was not immediately used in economic theory. Indeed...
متن کاملRationality Under Intrinsic Uncertainty
Both Behavioral Finance and market practitioners view confidence as one of the most important psychological variables influencing investor behavior. In the Behavioral Finance literature, confidence is associated with biased decisions and overreaction: investor confidence leads them to give too much importance to some ideas and to refuse to seriously take new facts into account until the grounds...
متن کاملObjective Rationality and Uncertainty Averse Preferences
As in Gilboa, Maccheroni, Marinacci, and Schmeidler [12], we consider a decision maker characterized by two binary relations: % and %^. The rst binary relation is a Bewley preference. It models the rankings for which the decision maker is sure. The second binary relation is an uncertainty averse preference, as de ned by Cerreia-Vioglio, Maccheroni, Marinacci, and Montrucchio [4]. It models the...
متن کاملUncertainty, rationality and learning: a Keynesian perspective
Rational choice under uncertainty is at the same time presupposition and consequence of learning. The feedback between rationality and learning may be clarified by delving into the foundations of decision theory under uncertainty. This permits a deeper understanding of the strict correspondence between different modalities of uncertainty and different concepts of rationality and learning, which...
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ژورنال
عنوان ژورنال: Theory and Decision
سال: 1985
ISSN: 0040-5833,1573-7187
DOI: 10.1007/bf00134068