Econometrica: Mar 2010, Volume 78, Issue 2
Objective and Subjective Rationality in a Multiple Prior Model
Itzhak Gilboa, Fabio Maccheroni, Massimo Marinacci, David SchmeidlerA decision maker (DM) is characterized by two binary relations. The first reflects choices that are rational in an “objective” sense: the DM can convince others that she is right in making them. The second relation models choices that are rational in a “subjective” sense: the DM cannot be convinced that she is wrong in making them.
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