David Bourget (Western Ontario)
David Chalmers (ANU, NYU)
Rafael De Clercq
Ezio Di Nucci
Jack Alan Reynolds
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Economics and Philosophy 25 (3):285-296 (2009)
This note argues that, under some circumstances, it is more rational not to behave in accordance with a Bayesian prior than to do so. The starting point is that in the absence of information, choosing a prior is arbitrary. If the prior is to have meaningful implications, it is more rational to admit that one does not have sufficient information to generate a prior than to pretend that one does. This suggests a view of rationality that requires a compromise between internal coherence and justification, similarly to compromises that appear in moral dilemmas. Finally, it is argued that Savage's axioms are more compelling when applied to a naturally given state space than to an analytically constructed one; in the latter case, it may be more rational to violate the axioms than to be Bayesian
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References found in this work BETA
Leonard J. Savage (1954). The Foundations of Statistics. Wiley Publications in Statistics.
Isaac Levi (1980). The Enterprise of Knowledge: An Essay on Knowledge, Credal Probability, and Chance. The MIT Press.
Frank Plumpton Ramsey (1960). The Foundations of Mathematics and Other Logical Essays. Paterson, N.J.,Littlefield, Adams.
Richard C. Jeffrey (2004). Subjective Probability: The Real Thing. Cambridge University Press.
David Schmeidler (1989). Subjective Probability and Expected Utility Without Additivity. Econometrica 57:571-589.
Citations of this work BETA
Raphaël Giraud & Jean-Marc Tallon (2011). Are Beliefs a Matter of Taste? A Case for Objective Imprecise Information. Theory and Decision 71 (1):23-32.
Itzhak Gilboa (2015). Rationality and the Bayesian Paradigm. Journal of Economic Methodology 22 (3):312-334.
Nathan Berg (2014). The Consistency and Ecological Rationality Approaches to Normative Bounded Rationality. Journal of Economic Methodology 21 (4):375-395.
Taiki Takahashi (2013). Rationality in Quantum Decision Theory. Kagaku Tetsugaku 46 (2):17-30.
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