Bayesian rationality is the paradigm of rational behavior in neoclassical economics. A rational agent in an economic …. The paper raises the question of how, when and why this characterization of rationality came to be endorsed by mainstream … subjective expected utility theory in his 1954 classic The Foundations of Statistics. It is the latter's acknowledged fiasco to …

estimates rationality, particularly in structural modeling approaches, but it is still considered as a non …