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The epistemic value of rationality

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  • Popp, Alexandru W. A.
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    Abstract

    Models of rational choice use different definitions of rationality. However, there is no clear description of the latter. We recognize rationality as a conceptual conglomerate where reason, judgment, deliberation, relativity, behavior, experience, and pragmatism interact. Using our definition, the game theoretic idealized principle of rationality becomes absolute. Our model gives a more precise account of the players, of their true behavior. We show that the Rational Method (RM) is the only process that can be used to achieve a specific goal. We also provide schematics of how information, beliefs, knowledge, actions, and purposes interact with and influence each other in order to achieve a specific goal. Furthermore, ration, the ability to think in the RM framework, is a singularity in time and space. Having a unilateral definition of rationality, different models and theories have now a common ground on which we can judge their soundness.

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    Bibliographic Info

    Paper provided by University Library of Munich, Germany in its series MPRA Paper with number 17618.

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    Date of creation: 2008
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    Handle: RePEc:pra:mprapa:17618

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    Related research

    Keywords: conceptual conglomerate; traditional rationality; rational method; ration;

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    1. D. B. Bernheim, 2010. "Rationalizable Strategic Behavior," Levine's Working Paper Archive 661465000000000381, David K. Levine.
    2. Rabin, Matthew, 1993. "Incorporating Fairness into Game Theory and Economics," American Economic Review, American Economic Association, vol. 83(5), pages 1281-1302, December.
    3. Fehr, Ernst & Schmidt, Klaus M., 1999. "A theory of fairness, competition, and cooperation," Munich Reprints in Economics 20650, University of Munich, Department of Economics.
    4. Pearce, David G, 1984. "Rationalizable Strategic Behavior and the Problem of Perfection," Econometrica, Econometric Society, vol. 52(4), pages 1029-50, July.
    5. David K Levine, 1997. "Modeling Altruism and Spitefulness in Experiments," Levine's Working Paper Archive 2047, David K. Levine.
    6. Margin Dufwenberg & Georg Kirchsteiger, 2001. "A Theory of Sequential Reciprocity," Levine's Working Paper Archive 563824000000000090, David K. Levine.
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