The standard model of knowledge, <InlineEquation ID="IEq1"> <EquationSource Format="TEX">$$(\varOmega ,P)$$</EquationSource> <EquationSource Format="MATHML"> <math xmlns:xlink="http://www.w3.org/1999/xlink"> <mrow> <mo stretchy="false">(</mo> <mi mathvariant="italic">Ω</mi> <mo>,</mo> <mi>P</mi> <mo stretchy="false">)</mo> </mrow> </math> </EquationSource> </InlineEquation>, consists of state space, <InlineEquation ID="IEq2"> <EquationSource Format="TEX">$$\varOmega $$</EquationSource> <EquationSource Format="MATHML"> <math xmlns:xlink="http://www.w3.org/1999/xlink"> <mi mathvariant="italic">Ω</mi> </math> </EquationSource> </InlineEquation>, and possibility correspondence, <InlineEquation ID="IEq3"> <EquationSource Format="TEX">$$P$$</EquationSource> <EquationSource Format="MATHML"> <math xmlns:xlink="http://www.w3.org/1999/xlink"> <mi>P</mi> </math> </EquationSource> </InlineEquation>. Usually, it is assumed that <InlineEquation ID="IEq4"> <EquationSource Format="TEX">$$P$$</EquationSource> <EquationSource Format="MATHML"> <math xmlns:xlink="http://www.w3.org/1999/xlink"> <mi>P</mi> </math> </EquationSource> </InlineEquation> satisfies all knowledge axioms (Truth Axiom, Positive Introspection Axiom, and Negative Introspection Axiom). Violating at least one of these axioms is defined as epistemic bounded rationality (EBR). If this happens, a researcher may try to look for another model, <InlineEquation ID="IEq5"> <EquationSource Format="TEX">$$(\varOmega ^{*},P^{*})$$</EquationSource> <EquationSource Format="MATHML"> <math xmlns:xlink="http://www.w3.org/1999/xlink"> <mrow> <mo stretchy="false">(</mo> <msup> <mi mathvariant="italic">Ω</mi> <mrow> <mrow/> <mo>∗</mo> </mrow> </msup> <mo>,</mo> <msup> <mi>P</mi> <mrow> <mrow/> <mo>∗</mo> </mrow> </msup> <mo stretchy="false">)</mo> </mrow> </math> </EquationSource> </InlineEquation>, which generates the initial model, <InlineEquation ID="IEq6"> <EquationSource Format="TEX">$$(\varOmega ,P)$$</EquationSource> <EquationSource Format="MATHML"> <math xmlns:xlink="http://www.w3.org/1999/xlink"> <mrow> <mo stretchy="false">(</mo> <mi mathvariant="italic">Ω</mi> <mo>,</mo> <mi>P</mi> <mo stretchy="false">)</mo> </mrow> </math> </EquationSource> </InlineEquation>, while satisfying all knowledge axioms. Rationalizing EBR means that the researcher finds such a model. I determine when rationalization of EBR is possible. I also investigate when a model, <InlineEquation ID="IEq7"> <EquationSource Format="TEX">$$(\varOmega ^{*},P^{*})$$</EquationSource> <EquationSource Format="MATHML"> <math xmlns:xlink="http://www.w3.org/1999/xlink"> <mrow> <mo stretchy="false">(</mo> <msup> <mi mathvariant="italic">Ω</mi> <mrow> <mrow/> <mo>∗</mo> </mrow> </msup> <mo>,</mo> <msup> <mi>P</mi> <mrow> <mrow/> <mo>∗</mo> </mrow> </msup> <mo stretchy="false">)</mo> </mrow> </math> </EquationSource> </InlineEquation>, which satisfies all knowledge axioms, generates a model, <InlineEquation ID="IEq8"> <EquationSource Format="TEX">$$(\varOmega ,P)$$</EquationSource> <EquationSource Format="MATHML"> <math xmlns:xlink="http://www.w3.org/1999/xlink"> <mrow> <mo stretchy="false">(</mo> <mi mathvariant="italic">Ω</mi> <mo>,</mo> <mi>P</mi> <mo stretchy="false">)</mo> </mrow> </math> </EquationSource> </InlineEquation>, which satisfies these axioms as well. Copyright Springer Science+Business Media New York 2015