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A paradox of rationality à la von Neumann-Morgenstern

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  • Ismail, M.S.

    (Microeconomics & Public Economics)

Abstract

We show that there are games and decision situations in which it is not possible for the decision maker to be rational a la von Neumann-Morgenstern in both situations simultaneously, which is the source of the paradox presented in this note. We provide an assumption which is the necessary and sufficient condition for a decision maker to be rational in both situations.

Suggested Citation

  • Ismail, M.S., 2015. "A paradox of rationality à la von Neumann-Morgenstern," Research Memorandum 041, Maastricht University, Graduate School of Business and Economics (GSBE).
    • Handle: RePEc:unm:umagsb:2015041
    DOI: 10.26481/umagsb.2015041
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