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We talk about "data" as though it possesses magical qualities of complete rationality and objectivity.
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If we assume perfect rationality and complete markets, we are debarred from exploring the causes of large-scale economic failures.
That is, they are the goals she would choose if she had complete knowledge of herself and her environment and perfect rationality.
As a result, economic transactions are based not on pure rationality but on bounded rationality.
Our analysis assumed individuals have perfect rationality.
Instead, expected utility theory is not a complete theory of rationality: when two acts have the same expected utility, it does not tell us which to prefer.
Collective Rationality: Only complete and consistent collective judgments are acceptable as outputs.
It should be stressed that the story of what improves instrumental rationality is far from completed.
Rationality, he concluded, "will not save us".
However, performance on the rationality tests and the reported ease of completing the DCE suggested a high level of understanding.
(2) The BAF produces as output consistent and complete group attitudes towards the propositions on the agenda ("collective rationality").
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Justyna Jupowicz-Kozak
CEO of Professional Science Editing for Scientists @ prosciediting.com