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Locally rational decision-making

Published online by Cambridge University Press:  02 October 2003

Richard M. Shiffrin
Richard M. Shiffrin*
Affiliation:
Psychology Department, Indiana University, Bloomington, IN47405http://www.cogs.indiana.edu/people/homepages/shiffrin.html
*
[email protected]
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Abstract:

Colman shows that normative theories of rational decision-making fail to produce rational decisions in simple interactive games. I suggest that well-formed theories are possible in local settings, keeping in mind that a good part of each game is the generation of a rational approach appropriate for that game. The key is rationality defined in terms of the game, not individual decisions.

Type
Open Peer Commentary
Information
Behavioral and Brain Sciences , Volume 26 , Issue 2 , April 2003 , pp. 175
Copyright
Copyright © Cambridge University Press 2003

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