Behavioral and Brain Sciences 26 (2):172-173 (2003)
|Abstract||Almost anyone seriously interested in decision theory will name John von Neumann's (1928) Minimax Theorem as its foundation, whereas Utility and Rationality are imagined to be the twin towers on which the theory rests. Yet, experimental results and real-life observations seldom support that expectation. Over two centuries ago, Hume (1739–40/1978) put his finger on the discrepancy. “Reason,” he wrote “is, and ought to be the slave of passions, and can never pretend to any other office than to serve and obey them.” In other words, effective means to reach specific goals can be prescribed, but not the goals. A wide range of experimental results and daily life behavior support this dictum.|
|Keywords||No keywords specified (fix it)|
|Through your library||Configure|
Similar books and articles
Hans Lottenbach (1994). Expected Utility and Constrained Maximization: Problems of Compatibility. Erkenntnis 41 (1):37 - 48.
Giacomo Bonanno & Klaus Nehring (1998). On Stalnaker's Notion of Strong Rationalizability and Nash Equilibrium in Perfect Information Games. Theory and Decision 45 (3):291-295.
Ulrich Schmidt (2001). Lottery Dependent Utility: A Reexamination. Theory and Decision 50 (1):35-58.
Richard Watt, Francisco J. Vázquez & Ignacio Moreno (2001). An Experiment on Rational Insurance Decisions. Theory and Decision 51 (2/4):247-296.
Reed Richter (1985). Rationality, Group Choice and Expected Utility. Synthese 63 (2):203 - 232.
R. Duncan Luce & A. A. J. Marley (2000). On Elements of Chance. Theory and Decision 49 (2):97-126.
Paola Tubaro (2009). Is Individual Rationality Essential to Market Price Formation? The Contribution of Zero‐Intelligence Agent Trading Models. Journal of Economic Methodology 16 (1):1-19.
Robin Pope (2000). Reconciliation with the Utility of Chance by Elaborated Outcomes Destroys the Axiomatic Basis of Expected Utility Theory. Theory and Decision 49 (3):223-234.
Ho-Chyuan Chen & William S. Neilson (1999). Pure-Strategy Equilibria with Non-Expected Utility Players. Theory and Decision 46 (2):201-212.
Added to index2009-01-28
Total downloads5 ( #160,518 of 551,007 )
Recent downloads (6 months)1 ( #63,425 of 551,007 )
How can I increase my downloads?