We challenge the standard definition of economic rationality as consistency by making use of a novel distinction … between axioms of decision theory: consistency and preference axioms. We argue that this distinction has been overlooked by … evidence raises doubts about the choice of language that equates consistency with rationality in economics. …

We show how incorporating Gilboa, Maccheroni, Marinacci, and Schmeidler's (2010) notion of objective rationality into … without objective rationality. The decision-maker (DM) has a subjectively rational preference ≥^, which captures the complete …