Savage's response to Allais as Broomean reasoning

Franz Dietrich, Antonios Staras () and Robert Sugden
Additional contact information
Antonios Staras: Institute of Economics - Cardiff University

Documents de travail du Centre d'Economie de la Sorbonne from Université Panthéon-Sorbonne (Paris 1), Centre d'Economie de la Sorbonne

Abstract: Leonard Savage famously contravened his own theory when first confronting the Allais Paradox, but then convinced himself that the 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) John 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

Keywords: Savage; Allais Paradox; Broome; rationality; reasoning; behavioural economics (search for similar items in EconPapers)
JEL-codes: B41 C18 D01 D81 D90 (search for similar items in EconPapers)
Pages: 40 pages
Date: 2020-05
New Economics Papers: this item is included in nep-exp, nep-his, nep-hpe and nep-upt
References: Add references at CitEc
Citations:

Published in Journal of Economic Methodology, Taylor & Francis (Routledge), 2021, 28 (2), pp.143-164

Downloads: (external link)
http://mse.univ-paris1.fr/pub/mse/CES2020/20016.pdf (application/pdf)
https://halshs.archives-ouvertes.fr/halshs-02905466
https://doi.org/10.1080/1350178X.2020.1857424

Related works:
Journal Article: Savage’s response to Allais as Broomean reasoning (2021)
Working Paper: Savage’s response to Allais as Broomean reasoning (2021)
Working Paper: Savage’s response to Allais as Broomean reasoning (2021)
Working Paper: Savage’s response to Allais as Broomean reasoning (2021)
Working Paper: Savage's response to Allais as Broomean reasoning (2020)
Working Paper: Savage's response to Allais as Broomean reasoning (2020)
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:mse:cesdoc:20016

Access Statistics for this paper

More papers in Documents de travail du Centre d'Economie de la Sorbonne from Université Panthéon-Sorbonne (Paris 1), Centre d'Economie de la Sorbonne Contact information at EDIRC.
Bibliographic data for series maintained by Lucie Label ().