Rationality involves maximizing expected utility from "summary" of The Nature of Rationality by Robert Nozick
The rationality of an individual can be understood through the lens of expected utility maximization. This concept posits that rational agents will make decisions based on the expected utility, or value, of an action. In other words, individuals will weigh the potential outcomes of a decision and choose the option that maximizes their expected utility. Expected utility is calculated by multiplying the utility, or value, of each possible outcome by the probability of that outcome occurring. This allows individuals to consider both the potential benefits and risks of a decision in a systematic way. By maximizing expected utility, rational agents can make informed choices that align with their preferences and goals. This framework of rationality is based on the idea that individuals have consistent preferences and make decisions ...
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