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Other research product . Other ORP type . 2020

Savage's response to Allais as Broomean reasoning

Dietrich, Franz; Staras, Antonios; sugden, robert;
Open Access   English  
Published: 01 May 2020
Publisher: HAL CCSD
Country: France
Abstract
URL des Documents de travail : https://centredeconomiesorbonne.cnrs.fr/publications/ Voir aussi l'article basé sur ce document de travail paru dans "Journal of Economic Methodology, Taylor & Francis (Routledge), 2021, 28 (2), pp.143-164. Documents de travail du Centre d'Economie de la Sorbonne 2020.16 - ISSN : 1955-611X International audience 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.
Subjects by Vocabulary

JEL Classification: jel:B - History of Economic Thought, Methodology, and Heterodox Approaches/B.B4 - Economic Methodology/B.B4.B41 - Economic Methodology jel:C - Mathematical and Quantitative Methods/C.C1 - Econometric and Statistical Methods and Methodology: General/C.C1.C18 - Methodological Issues: General jel:D - Microeconomics/D.D0 - General/D.D0.D01 - Microeconomic Behavior: Underlying Principles jel:D - Microeconomics/D.D8 - Information, Knowledge, and Uncertainty/D.D8.D81 - Criteria for Decision-Making under Risk and Uncertainty jel:D - Microeconomics/D.D9 - Intertemporal Choice/D.D9.D90 - General

Subjects

reasoning, rationality, Savage, behavioural economics, Broome, Allais Paradox, JEL: B - History of Economic Thought, Methodology, and Heterodox Approaches/B.B4 - Economic Methodology/B.B4.B41 - Economic Methodology, JEL: C - Mathematical and Quantitative Methods/C.C1 - Econometric and Statistical Methods and Methodology: General/C.C1.C18 - Methodological Issues: General, JEL: D - Microeconomics/D.D0 - General/D.D0.D01 - Microeconomic Behavior: Underlying Principles, JEL: D - Microeconomics/D.D8 - Information, Knowledge, and Uncertainty/D.D8.D81 - Criteria for Decision-Making under Risk and Uncertainty, JEL: D - Microeconomics/D.D9 - Intertemporal Choice/D.D9.D90 - General, [SHS.ECO]Humanities and Social Sciences/Economics and Finance, [SHS.STAT]Humanities and Social Sciences/Methods and statistics, [QFIN]Quantitative Finance [q-fin], reasoning, rationality, Savage, behavioural economics, Broome, Allais Paradox, [SHS.ECO]Humanities and Social Sciences/Economics and Finance, [SHS.STAT]Humanities and Social Sciences/Methods and statistics, [QFIN]Quantitative Finance [q-fin]

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