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Economic Rationality and Rational Credence
International Journal of Applied Behavioral Economics, 2019The aim of this article is to show that rational maximizer agents, i.e. economic rationality, do not parsimoniously with rational credence, i.e. agents preferences driven by beliefs, traditions, idiosyncrasy, culture and/or customs depending on the social state representing a possible credence.
Edgar Javier Sanchez Carrera +1 more
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Rationality in Psychology and Economics
The Journal of Business, 1986The task I shall undertake here is to compare and contrast the concepts of rationality that are prevalent in psychology and economics, respectively. Economics has almost uniformly treated human behavior as rational. Psychology, on the other hand, has always been concerned with both the irrational and the rational aspects of behavior.
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2004
AbstractThis article examines three competing views entertained by economic theory about the instrumental rationality of decisions. The first says to maximize self-interest, the second to maximize utility, and the third to “satisfice,” that is, to adopt a satisfactory option.
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AbstractThis article examines three competing views entertained by economic theory about the instrumental rationality of decisions. The first says to maximize self-interest, the second to maximize utility, and the third to “satisfice,” that is, to adopt a satisfactory option.
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2008
AbstractEconomic rationality is a part of the taken-for-granted assumptions of how organizations are understood and studied. Organizations have economic purpose and intent; organizational structures, systems, and policies are designed to achieve goals or ends. Ergo, organizations are rational.
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AbstractEconomic rationality is a part of the taken-for-granted assumptions of how organizations are understood and studied. Organizations have economic purpose and intent; organizational structures, systems, and policies are designed to achieve goals or ends. Ergo, organizations are rational.
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2001
The principal findings of experimental economics are that impersonal exchange in markets converges in repeated interaction to the equilibrium states implied by economic theory, under information conditions far weaker than specified in the theory.
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The principal findings of experimental economics are that impersonal exchange in markets converges in repeated interaction to the equilibrium states implied by economic theory, under information conditions far weaker than specified in the theory.
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Economics and Psychology. Perfect Rationality versus Bounded Rationality [PDF]
, 2011 Classical mathematical algorithms often fail to identify in time when the international financial crises occur although, as the classical theory of choice would suggest, the economic agents are rational and the markets are or should be efficient and behave also rationally. This contribution does not pretend to give a complete answer to these questions,
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The Ambiguous Rationality of Economic Policy
Journal of Money, Credit and Banking, 1972AN ASPIRING SCHOLAR may wish some day to estimate the cost of resources invested at all levels of government in policymaking. The tally may start with the budget of the Commission on Pornography, continue with the President's Commission on Financial Structure, and also consider the Price Commission and the Pay Board. The survey would eventually add the
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2006
John Hay, University of York Graham Loomes, University of York Paul Anand, Oxford University Geoff Hodgson, Newcastle Polytechnic Bill Gerrard, University of York Shaun Hargreaves-Heap, University of East Anglia Anna Carabelli, Universita di Pavia Ted Winslow, York University, Ontario David Mayston Avner Offer, University of ...
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John Hay, University of York Graham Loomes, University of York Paul Anand, Oxford University Geoff Hodgson, Newcastle Polytechnic Bill Gerrard, University of York Shaun Hargreaves-Heap, University of East Anglia Anna Carabelli, Universita di Pavia Ted Winslow, York University, Ontario David Mayston Avner Offer, University of ...
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[Is economic rational opposed to medical rational?].
Revue medicale de Bruxelles, 1994Economic and medical rationalities could be conciliated. In a view of relative convergence various administrative decisions and new medicosurgical strategies are highlighted. The role of centres promoting continuous medical formation is stressed. They should also organize repetitive information campaigns.
J, Sternon, D, Even-Adin
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Rationality in Economics and Scientific Prediction: The Role of Economic Rationality in Prediction
2015A central issue about epistemology and methodology of economic prediction is rationality. Chapter 9 analyzes an alternative approach to mainstream economics regarding rationality and prediction, a perspective that was developed by Herbert Simon. Thus, his view on bounded rationality is placed in the context of the varieties of rationality.
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