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 …

This paper considers the evidence of near-rationality, as described by Akerlof, Dickens, and Perry (2000). Using … unsupportive of the near-rationality hypothesis. However, we document that household inflation expectations tend to settle around …