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Towards an integration of descriptive and normative approaches of rationality with procedural preferences

Author: Le Menestrel, Marc INSEAD Area: Technology and Operations Management Series: Working Paper ; 98/51/TM Publisher: Fontainebleau : INSEAD, 1998.Language: EnglishDescription: 26 p.Type of document: INSEAD Working Paper Online Access: Click here Abstract: This paper presents a conceptual and formal framework that integrates both consequential and pocedural preferences. The Allais paradox and the Prisoners' dilemma are analyzed in light of this new perspective. Instead of being interpreted as paradoxes, these situtations reveal how utility or disutility for gambling (Allais paradox) or the influence of a social norm for cooperation (Prisoners' dilemma) influence rational behavior
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This paper presents a conceptual and formal framework that integrates both consequential and pocedural preferences. The Allais paradox and the Prisoners' dilemma are analyzed in light of this new perspective. Instead of being interpreted as paradoxes, these situtations reveal how utility or disutility for gambling (Allais paradox) or the influence of a social norm for cooperation (Prisoners' dilemma) influence rational behavior

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