> Fred Foldvary wrote: > >It seems to me that the concept of rationality makes sense when it is > >applied to human action, but it is not meaningful when applied to > beliefs.
Robin Hanson <[EMAIL PROTECTED]> replied: > But we are talking about a context where beliefs get translated into > actions in a pretty straightforward way. Yes, but it seems to me that economic rationality has two criteria: 1) Preferences are consistent (transitive). 2) Human action optimizes means towards ends. Beliefs can be incorrect, not based on logic and evidence, yet action based on the beliefs satisfies both criteria. Many people spend time and resources in religious activity, even though such beliefs have no basis in logic or evidence. Is this irrational? If so, then most of what people do is irrational. But is rationality not meant as a premise for most economic action? > There is a difference between ignorance and irrationality - that is the > central point of this literature really. If irrationality is not due on ignorance, then it seems to me that the implication is that no beliefs are economically irrational. Fred Foldvary ===== [EMAIL PROTECTED]
