In this paper we investigate the links between instantiated argumentationsystems and the axioms for non-monotonic reasoning described in [9] with theaim of characterising the nature of argument based reasoning. In doing so, weconsider two possible interpretations of the consequence relation, and describewhich axioms are met by ASPIC+ under each of these interpretations. We thenconsider the links between these axioms and the rationality postulates. Ourresults indicate that argument based reasoning as characterised by ASPIC+ is -according to the axioms of [9] - non-cumulative and non-monotonic, andtherefore weaker than the weakest non-monotonic reasoning systems theyconsidered possible. This weakness underpins ASPIC+'s success in modellingother reasoning systems, and we conclude by considering the relationshipbetween ASPIC+ and other weak logical systems.
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