Econometrica: Mar 2010, Volume 78, Issue 2

Objective and Subjective Rationality in a Multiple Prior Model

https://doi.org/10.3982/ECTA8223
p. 755-770

Itzhak Gilboa, Fabio Maccheroni, Massimo Marinacci, David Schmeidler

A 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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