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Rational Rationing

Economica, 1991
Quantity rationing is often observed to occur in actual markets where quality is difficult to observe. Standard theory suggests such markets must be in disequilibrium, since firms could increase profits by raising price. This paper develops a model in which consumers learn about firm quality from noisy observations of output quality.
Allen, Franklin, Faulhaber, Gerald R
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Rationality

WIREs Cognitive Science, 2013
A theory of rationality is a theory that evaluates instances of reasoning as rational, irrational, or (ir)rational to some degree. Theories can be categorized as rule‐based or consequentialist. Rule‐based theories say that rational reasoning accords with certain rules (e.g., of logic or probability).
Clifford, Sosis, Michael A, Bishop
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RATIONAL CONSUMERS* [PDF]

open access: possibleInternational Economic Review, 2016
The life cycle/permanent income hypothesis (LCPIH) entails two postulates: People have rational expectations and people do not have problems with self‐control. If either or both of these postulates do not apply, we cannot obtain a testable implication for the LCPIH.
Kohei Kubota, Mototsugu Fukushige
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Rationality

Annual Review of Psychology, 2002
▪ Abstract  This chapter reviews selected findings in research on reasoning, judgment, and choice and considers the systematic ways in which people violate basic requirements of the corresponding normative analyses. Recent objections to the empirical findings are then considered; these objections question the findings' relevance to assumptions about ...
Eldar, Shafir, Robyn A, LeBoeuf
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