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Rationality of Belief. Or Why Bayesianism is Neither Necessary Nor Sufficient for Rationality

Gilboa, Itzhak; Postlewaite, Andrew; Schmeidler, David - 2004

Economic theory reduces the concept of rationality to internal consistency. The practice of economics, however …, distinguishes between rational and irrational beliefs. There is therefore an interest in a theory of rational beliefs, and of the … many situations in which there is not sufficient information for an individual to generate a Bayesian prior. Third, this …

Persistent link: https://www.econbiz.de/10014072519

Rationality and dynamic consistency under risk and uncertainty

Hammond, Peter J.; Zank, Horst - 2014

Persistent link: https://www.econbiz.de/10010366843

Rationality and dynamic consistency under risk and uncertainty

Hammond, Peter J.; Zank, Horst - 2013

Persistent link: https://www.econbiz.de/10010342733

Chapter 2. Rationality and Dynamic Consistency Under Risk and Uncertainty

Hammond, Peter J.; Zank, Horst - In: Handbook of the economics of risk and uncertainty : volume 1, (pp. 41-97). 2014

For choice with deterministic consequences, the standard rationality hypothesis is ordinality, i.e., maximization of a …

Persistent link: https://www.econbiz.de/10014025530

Motivated belief updating and rationalization of information

Drobner, Christoph; Goerg, Sebastian J. - 2022

of objective information. Moreover, we document that subjects, who received more bad signals, downplay the ego … when presented with objective information. …

Persistent link: https://www.econbiz.de/10013433247

Rationally Uncertain Expectations

Osband, Kent - 2020

When financial securities are modeled as claims on stochastic processes, each trader's beliefs at time can be summarized by a subjective probability distribution . The dominant Rational Expectations approach typically treats as a singleton that correctly gauges risks. In reality, financial risks...

Persistent link: https://www.econbiz.de/10012827005

Knowledge, awareness and probabilistic beliefs

Sadzik, Tomasz - In: The B.E. journal of theoretical economics 21 (2021) 2, pp. 489-524

Persistent link: https://www.econbiz.de/10012593891

Intrinsic Uncertainty - An Explanation of the St. Petersburg Paradox

Bhattacharya, Rajeev R. - 2020

Consider any situation involving uncertainty, where the random variable of interest (e.g., payoff) is X. Let there exist a random variable, say Y, which represents the uncertainty intrinsic to the situation, and let there exist a function g such that X=g(Y). Our contention is that, once the...

Persistent link: https://www.econbiz.de/10012854222

Probability and Uncertainty in Economic Modeling, Second Version

Gilboa, Itzhak - 2008

Economic modeling assumes, for the most part, that agents are Bayesian, that is, that they entertain probabilistic beliefs, objective or subjective, regarding any event in question. We argue that the formation of such beliefs calls for a deeper examination and for explicit modeling. Models of...

Persistent link: https://www.econbiz.de/10012725715

Rationality of belief or: Why savage's axioms are neither necessary nor sufficient for rationality

Gilboa, Itzhak (contributor); … - 2008 - Rev., second version

Persistent link: https://www.econbiz.de/10003806756