The epistemic value of rationality

Alexandru W. A. Popp

MPRA Paper from University Library of Munich, Germany

Abstract: Models of rational choice use different definitions of rationality. However, there is no clear description of the latter. We recognize rationality as a conceptual conglomerate where reason, judgment, deliberation, relativity, behavior, experience, and pragmatism interact. Using our definition, the game theoretic idealized principle of rationality becomes absolute. Our model gives a more precise account of the players, of their true behavior. We show that the Rational Method (RM) is the only process that can be used to achieve a specific goal. We also provide schematics of how information, beliefs, knowledge, actions, and purposes interact with and influence each other in order to achieve a specific goal. Furthermore, ration, the ability to think in the RM framework, is a singularity in time and space. Having a unilateral definition of rationality, different models and theories have now a common ground on which we can judge their soundness.

Keywords: conceptual conglomerate; traditional rationality; rational method; ration (search for similar items in EconPapers)
JEL-codes: B00 C70 C79 C99 D83 (search for similar items in EconPapers)
Date: 2008
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