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Savage's response to Allais as Broomean reasoning

Franz Dietrich (), Antonios Staras () and Robert Sugden
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Franz Dietrich: CES - Centre d'économie de la Sorbonne - UP1 - Université Panthéon-Sorbonne - CNRS - Centre National de la Recherche Scientifique, PSE - Paris School of Economics, CNRS - Centre National de la Recherche Scientifique
Antonios Staras: Cardiff University

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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)
Date: 2020-05
New Economics Papers: this item is included in nep-cbe, nep-hpe and nep-upt
Note: View the original document on HAL open archive server: https://halshs.archives-ouvertes.fr/halshs-02905466
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Published in 2020

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Working Paper: Savage's response to Allais as Broomean reasoning (2020) Downloads
Working Paper: Savage's response to Allais as Broomean reasoning (2020) Downloads
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