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Rationality and uncertainty

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  • Andrew Postlewaite

    ()
    (University of Pennsylvania)

  • David Schmeidler

    ()
    (Interdisciplinary Center, Herzliya and Tel Aviv University)

Abstract

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.

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Bibliographic Info

Article provided by Vita e Pensiero, Pubblicazioni dell'Universita' Cattolica del Sacro Cuore in its journal Rivista Internazionale di Scienze Sociali.

Volume (Year): 120 (2012)
Issue (Month): 3 ()
Pages: 289-294

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Handle: RePEc:vep:journl:y:2012:v:120:i:3:p:289-294

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Related research

Keywords: Biases; Decision making; Bayesian; Behavioral Economics; Uncertainty;

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Cited by:
  1. Andreas Richter & Jörg Schiller & Harris Schlesinger, 2014. "Behavioral insurance: Theory and experiments," Journal of Risk and Uncertainty, Springer, Springer, vol. 48(2), pages 85-96, April.

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