scholarly journals A restatement of expected comparative utility theory: A new theory of rational choice under risk

2021 ◽  
Author(s):  
David Robert
1984 ◽  
Vol 36 (3) ◽  
pp. 407-423 ◽  
Author(s):  
R. Harrison Wagner

In his book The War Trap Bruce Bueno de Mesquita claims to offer a deductive theory of international conflict based on the assumption that foreign policy makers attempt to maximize their expected utility. The theory is subjected to a systematic empirical test that seems to provide impressive confirmation. The first part of this article examines Bueno de Mesquita's theory and argues that it cannot be derived from his assumptions. The second part examines the operational version of the theory, which was the one actually tested, and argues that it can be more plausibly interpreted as a version of a different theory—one that Bueno de Mesquita claims to have discredited. The essay concludes by discussing the significance of this book with regard to the question of whether theories of individual rational choice can explain foreign policy decisions.


2015 ◽  
Vol 58 (2) ◽  
pp. 49-64 ◽  
Author(s):  
Bojan Krstic ◽  
Milos Krstic

In this paper, we have tried to explain the normative turn in more recent work on experimental economics and behavioral economics. In section two, we discussed the various arguments that philosophers have offered in related to a normative interpretation of rational choice theory. We used the Friedman-Savage work on Expected Utility Theory as an example of the differences between the way that economists and philosophers see rational choice theory. We concluded that economists have traditionally equated the normative with ethically. In the third part, we examined the results of experimental and behaviorial economic literature with emphasis on the influence of experimental psychology. We presented a number of empirical anomalies and we agreed that representatives of economic psychology tend to view rational choice theory as a normative theory of rationality. In the last part, we examined some of the causes and consequences of the normative turn.


Author(s):  
Albert Weale

Rawls’s theory of justice has been the centre-point of modern social contract theory over decades. Given the breadth and extent of Rawls’s work, there are many problems in treating the arguments in limited space. However, points of comparison with other contract theorists are interesting and his theory is treated as being a continuous, if evolving, whole. Rawls seeks to achieve deductive rigour—a moral geometry—in the presentation of his principles of justice, which cover both the political liberties and the distribution of economic resources. Rawls hold that a maximin form or reasoning underlies his two principles of justice. That form of reasoning is reconstructed and it is shown that it is not as decisive in giving the deductive rigour to his conclusions as he requires. The basic liberties and their priority can be defended in broadly Rawlsian terms, assuming that the contracting parties use the practical syllogism of deliberative rationality. However, that form of reasoning cannot deal with cases where the liberties conflict, despite Rawls’s attempt to avoid a balancing test. Rawls’s argument for the difference principle fails outside of a simply two-group economy, and its failure reflects a deeper tension in his thinking between individualism and collectivism. There is a way of reconstructing his account of rational choice so as to be consistent with his collectivism, but it involves abandoning the claim that the rationality of the contracting parties should be consistent with the axioms of utility theory.


Sign in / Sign up

Export Citation Format

Share Document