ideal-vs-practicable-rationality
A distinction between perfect rationality based on complete information and achievable rationality based on limited, manageable information.
1 chapter across 1 book
Epistemology: An Introduction to the Theory of Knowledge (2003)Nicholas Rescher
Chapter 11 explores the nature of rationality as a unified concept encompassing both theoretical and practical dimensions, emphasizing that rationality involves optimizing decisions based on the best available information rather than complete knowledge. It highlights the inherent instability of rational decisions due to information sensitivity and incomplete data, leading to a distinction between ideal rationality (perfect, complete information) and practicable rationality (best possible given limited information). The chapter concludes that while perfect rationality is unattainable, striving for practicable rationality remains the most reasonable approach.