The book explores the evolution, through the first half of the 20th century, of the key neoclassical concept of rationality. The analysis begins with the development of modern decision theory, covers the interwar debates over the role of perfect foresight and analyses the first game-theoretic...

We study a general static noisy rational expectations model, where investors have private information about asset payoffs, with common and private components, and about their own exposure to an aggregate risk factor, and derive conditions for existence and uniqueness (or multiplicity) of...

Reason, and the need to Be Rational, are essential dimensions of society and the organizations we live and work in. Yet the 'rationalization' of working processes, or the 'rationality' studied in social sciences, is all too often, used, understood, and interpreted in an extremely narrow sense....