Economic theory reduces the concept of rationality to internal consistency. As far as beliefs are concerned, rationality is equated with having a prior belief over a quot;Grand State Spacequot;, describing all possible sources of uncertainties. We argue that this notion is too weak in some...

Economic theory reduces the concept of rationality to internal consistency. The practice of economics, however, distinguishes between rational and irrational beliefs. There is therefore an interest in a theory of rational beliefs, and of the process by which beliefs are generated and justified....

A decision maker is characterized by two binary relations. The first reflects decisions that are rational in an “objective” sense: the decision maker can convince others that she is right in making them. The second relation models decisions that are rational in a “subjective” sense: the...

"Making Better Decisions introduces readers to some of the principal aspects of decision theory, and examines how these might lead us to make better decisions.[bullet] Introduces readers to key aspects of decision theory and examines how they might help us make better decisions[bullet]...