This paper assesses the rationale of George Shackle's argument against Bayesian decision making in the light of recent developments of modern decision theory. The focus is on the so-called non-additive probability approach to decision theory under uncertainty, which, not unlike Shackle's...

At least since Leonard Savage’s extension of von Neumann and Morgenstern’s expected utility, rational choice theory has been interpreted as a theory prescribing what individuals should do in any decision context, ranging from certainty to risk and uncertainty. After decades this received...