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Rationality and the Bayesian paradigm

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  • Itzhak Gilboa

Abstract

It is argued that, contrary to a rather prevalent view within economic theory, rationality does not imply Bayesianism. The note begins by defining these terms and justifying the choice of these definitions, proceeds to survey the main justification for this prevalent view, and concludes by highlighting its weaknesses.

Suggested Citation

  • Itzhak Gilboa, 2015. "Rationality and the Bayesian paradigm," Journal of Economic Methodology, Taylor & Francis Journals, vol. 22(3), pages 312-334, September.
    • Handle: RePEc:taf:jecmet:v:22:y:2015:i:3:p:312-334
    DOI: 10.1080/1350178X.2015.1071505
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    Cited by:

    1. Fleurbaey, Marc & Zuber, Stéphane, 2017. "Fair management of social risk," Journal of Economic Theory, Elsevier, vol. 169(C), pages 666-706.
    2. Mongin, Philippe, 2019. "Interview of Peter J. Hammond," CRETA Online Discussion Paper Series 50, Centre for Research in Economic Theory and its Applications CRETA.
    3. Sebastian Schweighofer-Kodritsch, 2024. "Bounded Rationality, Beliefs, and Behavior," Berlin School of Economics Discussion Papers 0037, Berlin School of Economics.
    4. Ivan Moscati, 2024. "Ellsberg 1961: text, context, influence," Decisions in Economics and Finance, Springer;Associazione per la Matematica, vol. 47(2), pages 627-653, December.
    5. Ola Mahmoud, 2017. "On the consistency of choice," Theory and Decision, Springer, vol. 83(4), pages 547-572, December.

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