Chapter

Individual Rationality

Kaushik Basu

in Prelude to Political Economy

Published in print September 2000 | ISBN: 9780198296713
Published online November 2003 | e-ISBN: 9780191595943 | DOI: http://dx.doi.org/10.1093/0198296711.003.0003
 Individual Rationality

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This chapter analyses the concept of individual rationality. It covers internal consistency, procrastination and addiction, the Traveler’s Dilemma, the simplified E-Mail Game, the paradox of cognition. It discusses the rejection of the so-called “axiom of transparency”, which states that if a person knows something, then the person knows that he know it.

Keywords: individual rationality; internal consistency; procrastination; addiction; Traveler’s Dilemma; paradox of cognition; axiom of transparency

Chapter.  13547 words.  Illustrated.

Subjects: Microeconomics

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