haku: @indexterm SOCIAL CHOICE / yhteensä: 20
viite: 12 / 20
| Tekijä: | Gans, J. |
| Otsikko: | On the impossibility of rational choice under incomplete information |
| Lehti: | Journal of Economic Behavior and Organization
1996 : MAR, VOL. 29:2, p. 287-310 |
| Asiasana: | ECONOMICS INFORMATION SOCIAL CHOICE |
| Kieli: | eng |
| Tiivistelmä: | This paper examines the possibility of consistent and complete choice under incomplete information. It is shown that when a particularly natural set of restrictions is imposed on the agent's knowledge of possible decision environments, a rational ordering over actions does not exist. This result is used proving insights provided by social choice theory. Nonetheless, it is shown that this impossibility result can be overcome by a relaxation of some assumptions. Finally, the economic significance of this line of analysis is discussed. |
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