In standard models of rational learning from experience, prior uncertainties and disagreements recede smoothly as …, uncertainties will surge and core disagreements widen. In general, rational learning tends to bifurcate into calm and turbulent …

We propose an extension of the class of rational expectations bubbles (REBs) to the more general rational beliefs …

The rational expectations hypothesis (REH) is the standard approach to expectations formation in macroeconomics. We … discuss its compatibility with two strands of Karl Popper's philosophy: his theory of knowledge and learning, and his … "rationality principle" (RP). First, we show that the REH is utterly incompatible with the former. Second, we argue that the REH …

If we reassess the rationality question under the assumption that the uncertainty of the natural world is largely … theory of ecological rationality. The main casualty of this rebuilding process is optimality. Once we view optimality as a … formal implication of quantified uncertainty rather than an ecologically meaningful objective, the rationality question …

rationality behaviour by people. Quite recent developments in the Economics of Knowledge, i.e. the so-called learning models, have …

For choice with deterministic consequences, the standard rationality hypothesis is ordinality, i.e., maximization of a …

the experimenter’s model perspective. As a consequence a choice anomaly can be eliminated by learning what the experiment …