
Ep 130: Steven Pinker’s ”Rationality” Ch 6 ”Risk and Reward” (Rational Choice & Expected Utility). Analysis.
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The Axioms of Rational Choice Theory
There are a number of uncontroversial axioms that are involved in rational choice theory. Although they are all logical, reasonable and rational, it also happens to be the case they are inconsistent. This is a problem not unlike the way in which girdles incompleteness theorem treats pino's axioms of simple arithmetic. There are various nogo theorems which show that rational choice theory cannot be the basis of rationally choosing things. After if you can't satisfy all the axiom simultaneously, then in what way can this system, this so called system of rationality actually be the way inwhich people make rational decisions? As david says in chapter 13.
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