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No 939: Awareness and equilibrium

Brian Hill ()

Abstract: There has been a recent surge of interest among economists in developing models of doxastic states that can account for some aspects of human cognitive limitations that are ignored by standard formal models, such as awareness. Epistemologists purport to have a principled reason for ignoring the question of awareness: under the equilibrium conception of doxastic states they favour, a doxastic state comprises the doxastic commitments an agent would recognise were he fully aware, so the question of awareness plays no role. The objective of this paper is to scrutinize this argument.

Keywords: Bounded rationality; awareness; doxastic states; cognitive equilibrium; belief change; formal epistemology.

JEL-codes: I10

22 pages, August 21, 2010

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