Symposium on “Cognition and Rationality: Part I” Minimal rationality [Book Review]

Mind and Society 5 (2):199-211 (2006)
Abstract
An argument is advanced to show why E-admissibility should be preferred over maximality as a principle of rational choice where rationality is understood as minimal rationality. Consideration is given to the distinction between second best and second worst options in three way choice that is ignored according to maximality. It is shown why the behavior exhibited in addressing the problems posed by Allais (Econometrica 21:503–546, 1952) and by Ellsberg (Q Econ 75:643–669, 1961) do not violate the independence postulate according to minimal rationality
Keywords V-admissibility  Maximality   E-admissibility  Value structure  Extended value structure  Categorical preference  Revealed preference  Independence or sure thing principle
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