Savage’s response to Allais as Broomean reasoning

Dietrich, Franz, Staras, Antonios and Sugden, Robert (2021) Savage’s response to Allais as Broomean reasoning. Journal of Economic Methodology, 28 (2). pp. 143-164. ISSN 1350-178X

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Abstract

Savage famously contravened his own theory when first confronting the Allais Paradox, but then convinced himself that he had made an error. We examine the formal structure of Savage’s ‘error-correcting’ reasoning in the light of (i) behavioural economists’ claims to identify the latent preferences of individuals who violate conventional rationality requirements and (ii) Broome’s critique of arguments which presuppose that rationality requirements can be achieved through reasoning. We argue that Savage’s reasoning is not vulnerable to Broome’s critique, but does not provide support for the view that behavioural scientists can identify and counteract errors in people’s choices or preferences.

Item Type: Article
Uncontrolled Keywords: savage,allais paradox,broome,rationality,reasoning,behavioural economics,arts and humanities(all),economics, econometrics and finance(all) ,/dk/atira/pure/subjectarea/asjc/1200
Faculty \ School: Faculty of Social Sciences > School of Economics
Depositing User: LivePure Connector
Date Deposited: 27 Nov 2020 00:50
Last Modified: 19 Oct 2021 01:06
URI: https://ueaeprints.uea.ac.uk/id/eprint/77824
DOI: 10.1080/1350178X.2020.1857424

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