A paradox of rationality à la von Neumann-Morgenstern

M.S. Ismail

Research output: Working paperProfessional

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Abstract

We show that there are games and decision situations in which it is not possible for the decision maker to be rational a la von Neumann-Morgenstern in both situations simultaneously, which is the source of the paradox presented in this note. We provide an assumption which is the necessary and sufficient condition for a decision maker to be rational in both situations.
Original languageEnglish
Place of PublicationMaastricht
PublisherMaastricht University, Graduate School of Business and Economics
Number of pages6
Publication statusPublished - 1 Jan 2015

Publication series

SeriesGSBE Research Memoranda
Number041

Cite this

Ismail, M. S. (2015). A paradox of rationality à la von Neumann-Morgenstern. Maastricht University, Graduate School of Business and Economics. GSBE Research Memoranda, No. 041