Informing rational choice theory through case studies of loss-aversion
The problem this thesis addresses is that there are two disparate general notions of a 'rational decision' and neither notion is satisfactory as the basis for a rational choice theory that can improve our lives by improving our decision-making. One is too strict, labeling too many decisions irrational, while the other is too permissive, allowing decisions to be called rational when they should not be. I attempt to outline a better version of rationality, which I call global rationality, by examining the problems with the common notions in the context of a discussion of the well-documented ...
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