Rationality is the characteristic of thinking and acting optimally. An agent is rational if it wields its intelligence in such a way as to maximize the convergence between its beliefs and reality; and acts on these beliefs in such a manner as to maximize its chances of achieving whatever goals it has. For humans, this means mitigating (as much as possible) the influence of cognitive biases.
Epistemic rationality is that part of rationality which involves achieving accurate beliefs about the world. It involves updating on receiving new evidence, mitigating cognitive biases, and examining why you believe what you believe.
Instrumental rationality is concerned with achieving goals. More specifically, instrumental rationality is the art of choosing and implementing actions that steer the future toward outcomes ranked higher in one's preferences. Said preferences are not limited to 'selfish' preferences or unshared values; they include anything one cares about.
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- All Less Wrong posts tagged "Rationality"