David Bourget (Western Ontario)
David Chalmers (ANU, NYU)
Rafael De Clercq
Ezio Di Nucci
Jack Alan Reynolds
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Journal of Economic Methodology 7 (1):59-93 (2000)
The paper investigates how normative considerations influenced the development of the theory of individual decision-making under risk. In the first part, the debate between Maurice Allais and the 'Neo-Bernoullians' (supporting the Expected Utility model) is reconstructed, in order to show that a controversy on the definition of rational decision and on the methodology of normative justification played a crucial role in legitimizing the Allais-paradox as genuinely refuting evidence. In the second part, it is shown how informal notions of rationality were among the tacit heuristic principles that led to the discovery of generalized models of decision put forward in the early eighties to replace the received model.
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References found in this work BETA
F. P. Ramsey (2010). Truth and Probability. In Antony Eagle (ed.), Philosophy of Probability: Contemporary Readings. Routledge 52-94.
Imre Lakatos (1970). Falsification and the Methodology of Scientific Research Programmes. In Imre Lakatos & Alan Musgrave (eds.), Criticism and the Growth of Knowledge. Cambridge University Press 91-195.
John Harsanyi (1977). Morality and the Theory of Rational Behavior. Social Research 44.
Imre Lakatos (1976). A Renaissance of Empiricism in the Recent Philosophy of Mathematics. British Journal for the Philosophy of Science 27 (3):201-223.
Citations of this work BETA
Michiru Nagatsu (2013). Experimental Philosophy of Economics. Economics and Philosophy 29 (2):263-76.
Till Grüne-Yanoff, Caterina Marchionni & Ivan Moscati (2014). Introduction: Methodologies of Bounded Rationality. Journal of Economic Methodology 21 (4):325-342.
D. Wade Hands (2014). Normative Ecological Rationality: Normative Rationality in the Fast-and-Frugal-Heuristics Research Program. Journal of Economic Methodology 21 (4):396-410.
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