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 …

At least since Leonard Savage’s extension of von Neumann and Morgenstern’s expected utility, rational choice theory has … been interpreted as a theory prescribing what individuals should do in any decision context, ranging from certainty to risk …. This paper compares the current critique of the notion of Bayesian rationality, proposed by Itzhak Gilboa, with Daniel …