Rationality and Dynamic Choice: Foundational Explorations

by Edward F. McClennen

• ISBN13: 9780521063913
• ISBN10: 0521063914
• Edition: 1st
• Format: Paperback
• Copyright: 2008-06-05
• Publisher: Cambridge University Press

Summary

This is a major contribution to the theory of rational choice which will be of particular interest to philosophers and economists. The author sets out the foundations of rational choice, and then sketches a dynamic choice framework in which principles of ordering and independence follow from a number of apparently plausible conditions. However, there is potential conflict among these conditions, and when they are weakened to avoid it the usual foundations of rational choice no longer prevail. The thrust of the argument is to suggest that the theory of rational choice is less deterministic than many suppose. 'This is a seminal work which demands the serious attention of all those interested in rational choice.' -- David Gauthier, University of PittsburghThis is a major contribution to the theory of rational choice which will be of particular interest to philosophers and economists. The author sets out the foundations of rational choice, and then sketches a dynamic choice framework in which principles of ordering and independence follow from a number of apparently plausible conditions. However, there is potential conflict among these conditions, and when they are weakened to avoid it the usual foundations of rational choice no longer prevail. The thrust of the argument is to suggest that the theory of rational choice is less deterministic than many suppose. 'This is a seminal work which demands the serious attention of all those interested in rational choice.' -- David Gauthier, University of Pittsburgh

Table of Contents

Introduction and sketch of the main argument

The ordering principle

The independence principle

The problem of justification

Pragmatic arguments

Dynamic choice problems

Rationality conditions on dynamic choice

Consequentialist constructions

Rethinking the problem of dynamic consistency

A critique of the pragmatic arguments

Formalizing the pragmatic arguments

The feasibility of resolute choice

Connections

Conclusions

Postscript: projections

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