Rationality Intertwined: Classical vs Institutional View

Abstract

The scope of this paper is to explore the different aspects of rationality, in an institutionalist approach, digressing about the sources that make an individual rational and its close relation to the laws of subjective probability and its "goodness of fit" to the heterodox approach. This work will however be completely detached from the traditional approach, that is, neoclassical theory, making use of some relevant authors’ works in philosophy (i.e., Alfred Meele, Robert Audi) as well as statistics (i.e., Bruno de Finetti, Richard Jeffrey), resulting in a new alternative and multidisciplinary agenda to the study of methodology of economics.

Keywords: Rationality, Bayesianism, Methodology of Economics

JEL Classification: B41, B52, C11