Questions tagged [rationality]
The rationality tag has no usage guidance.
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Demand correspondence is both upper and lower hemi-continuous; is the preference continuous?
$\succsim$ is a weak order over $\mathbb R^L$.
For a closed budget set $B\subset\mathbb R^L$, define demand correspondence: $$D(B)=\{x\in B|x\succsim y\forall y\in B\}$$.
We know that $D$ is always ...
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0answers
35 views
Does Pascal's Wager fail archimedean property?
I assume most people have heard of Pascal's Wager, in case you have not: https://en.wikipedia.org/wiki/Pascal%27s_Wager
By the Stanford encyclopedia of philosphy:
"We have a decision under risk,...
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4answers
145 views
Understanding Classical Rationality at a Basic Level
I am a high school student in an intro Microeconomics class (note that we have not covered utility functions) and I'm utterly confused about the classical concept of rationality. I certainly ...
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1answer
79 views
Does Preference have a Hierarchy? A Silly Question
I have what is probably a very silly question, but I have gone down the rabbit hole and can’t get back out.....
Is there is a hierarchy of preference, and within each level of choice do we reset the ...
0
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1answer
39 views
What does irrationality mean under the notion of revealed preferences? An example with terrorism.
I am currently studying for an economics of conflict exam and one of the potential questions is likely to be in the vein of "Are Terrorists Rational - Discuss".
However how would rationality be ...
4
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1answer
136 views
Is soil exhaustion rational?
I was talking with friends about soil exhaustion in agriculture. They tell me that it is very frequent because of the methods employed in modern agriculture. They suggest that this amount of ...
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5answers
3k views
Violation of completeness axiom (simple everyday examples)
Simple everyday examples of violations of transitivity are not difficult to come up with, but I'm having trouble thinking of some for the completeness axiom.
One possible formulation of the ...
