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The Varieties of Economic Rationality

Author: Michel Zouboulakis

Publisher: Routledge

Published: 2014-01-21

Total Pages: 188

ISBN-13: 1317817494

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The concept of economic rationality is important for the historical evolution of Economics as a scientific discipline. The common idea about this concept -even between economists- is that it has a unique meaning which is universally accepted. This new volume argues that "economic rationality" is not not a universal concept with one single meaning, and that it in fact has different, if not conflicting, interpretations in the evolution of discourse on economics. In order to achieve this, the book traces the historical evolution of the concept of economic rationality from Adam Smith to the present, taking in thinkers from Mill to Friedman, and encompassing approaches from neoclassical to behavioural economics. The book charts this history in order to reveal important instances of conceptual transformation of the meaning of economic rationality. In doing so, it presents a uniquely detailed study of the historical change of the many faces of the homo oeconomicus .

Book Synopsis The Varieties of Economic Rationality by : Michel Zouboulakis

Download or read book The Varieties of Economic Rationality written by Michel Zouboulakis and published by Routledge. This book was released on 2014-01-21 with total page 188 pages. Available in PDF, EPUB and Kindle. Book excerpt: The concept of economic rationality is important for the historical evolution of Economics as a scientific discipline. The common idea about this concept -even between economists- is that it has a unique meaning which is universally accepted. This new volume argues that "economic rationality" is not not a universal concept with one single meaning, and that it in fact has different, if not conflicting, interpretations in the evolution of discourse on economics. In order to achieve this, the book traces the historical evolution of the concept of economic rationality from Adam Smith to the present, taking in thinkers from Mill to Friedman, and encompassing approaches from neoclassical to behavioural economics. The book charts this history in order to reveal important instances of conceptual transformation of the meaning of economic rationality. In doing so, it presents a uniquely detailed study of the historical change of the many faces of the homo oeconomicus .

The Varieties of Economic Rationality

Author: Michel Zouboulakis

Publisher: Routledge

Published: 2014-01-21

Total Pages: 189

ISBN-13: 1317817486

DOWNLOAD EBOOK

Book Synopsis The Varieties of Economic Rationality by : Michel Zouboulakis

Download or read book The Varieties of Economic Rationality written by Michel Zouboulakis and published by Routledge. This book was released on 2014-01-21 with total page 189 pages. Available in PDF, EPUB and Kindle. Book excerpt: The concept of economic rationality is important for the historical evolution of Economics as a scientific discipline. The common idea about this concept -even between economists- is that it has a unique meaning which is universally accepted. This new volume argues that "economic rationality" is not not a universal concept with one single meaning, and that it in fact has different, if not conflicting, interpretations in the evolution of discourse on economics. In order to achieve this, the book traces the historical evolution of the concept of economic rationality from Adam Smith to the present, taking in thinkers from Mill to Friedman, and encompassing approaches from neoclassical to behavioural economics. The book charts this history in order to reveal important instances of conceptual transformation of the meaning of economic rationality. In doing so, it presents a uniquely detailed study of the historical change of the many faces of the homo oeconomicus .

Ethics, Rationality, and Economic Behaviour

Author: Francesco Farina

Publisher: Oxford University Press

Published: 1996

Total Pages: 370

ISBN-13: 9780198289814

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The connection between economics and ethics is as old as economics itself, and central to both disciplines. The essays included in the present volume provide an analysis of the connections between ethics and economics as viewed from several different - oft

Book Synopsis Ethics, Rationality, and Economic Behaviour by : Francesco Farina

Download or read book Ethics, Rationality, and Economic Behaviour written by Francesco Farina and published by Oxford University Press. This book was released on 1996 with total page 370 pages. Available in PDF, EPUB and Kindle. Book excerpt: The connection between economics and ethics is as old as economics itself, and central to both disciplines. The essays included in the present volume provide an analysis of the connections between ethics and economics as viewed from several different - oft

Models of Bounded Rationality

Author: Univ Of Chicago

Publisher: Mit Press

Published: 1997-07

Total Pages: 336

ISBN-13: 9780262519434

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Offering alternative models based on such concepts as satisficing(acceptance of viable choices that may not be the undiscoverableoptimum) and bounded rationality (the limited extent to which rationalcalculation can direct human behavior), Simon shows concretely whymore empirical research based on experiments and direct observation, rather than just statistical analysis of economic aggregates, isneeded.

Book Synopsis Models of Bounded Rationality by : Univ Of Chicago

Download or read book Models of Bounded Rationality written by Univ Of Chicago and published by Mit Press. This book was released on 1997-07 with total page 336 pages. Available in PDF, EPUB and Kindle. Book excerpt: Offering alternative models based on such concepts as satisficing(acceptance of viable choices that may not be the undiscoverableoptimum) and bounded rationality (the limited extent to which rationalcalculation can direct human behavior), Simon shows concretely whymore empirical research based on experiments and direct observation, rather than just statistical analysis of economic aggregates, isneeded.

Rationality in Extensive Form Games

Author: Andrés Perea

Publisher: Springer Science & Business Media

Published: 2001-10-31

Total Pages: 256

ISBN-13: 9780792375401

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This book is concerned with situations in which several persons reach decisions independently and the final consequence depends, potentially, upon each of the decisions taken. Such situations may be described formally by an extensive form game: a mathematical object which specifies the order in which decisions are to be taken, the information available to the decision makers at each point in time, and the consequence that results for each possible combination of decisions. A necessary requirement for rational behavior in such games is that each decision maker should reach a decision that is optimal, given his preferences over his own decisions. This requirement is far from sufficient, however, since every decision maker should in addition base his preferences upon the conjecture that his opponents will act optimally as well. It is this principle that distinguishes noncooperative game theory from one-person decision theory. The main purpose of Rationality in Extensive Form Games is to discuss different formalizations of this principle in extensive form games, such as backward induction, Nash equilibrium, forward induction and rationalizability, under the assumption that the decision makers' preferences are given by subjective expected utility functions. The various formalizations, or rationality criteria, are illustrated by examples, and the relationships among the different criteria are explored.

Book Synopsis Rationality in Extensive Form Games by : Andrés Perea

Download or read book Rationality in Extensive Form Games written by Andrés Perea and published by Springer Science & Business Media. This book was released on 2001-10-31 with total page 256 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book is concerned with situations in which several persons reach decisions independently and the final consequence depends, potentially, upon each of the decisions taken. Such situations may be described formally by an extensive form game: a mathematical object which specifies the order in which decisions are to be taken, the information available to the decision makers at each point in time, and the consequence that results for each possible combination of decisions. A necessary requirement for rational behavior in such games is that each decision maker should reach a decision that is optimal, given his preferences over his own decisions. This requirement is far from sufficient, however, since every decision maker should in addition base his preferences upon the conjecture that his opponents will act optimally as well. It is this principle that distinguishes noncooperative game theory from one-person decision theory. The main purpose of Rationality in Extensive Form Games is to discuss different formalizations of this principle in extensive form games, such as backward induction, Nash equilibrium, forward induction and rationalizability, under the assumption that the decision makers' preferences are given by subjective expected utility functions. The various formalizations, or rationality criteria, are illustrated by examples, and the relationships among the different criteria are explored.

Rationality and Irrationality in Economics

Author: Maurice Godelier

Publisher: Verso Books

Published: 2014-08-26

Total Pages: 369

ISBN-13: 178168037X

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This book is the result of a research project begun by the author in 1958 with the aim of answering two questions: First, what is the rationality of the economic systems that appear and disappear throughout history—in other words, what is their hidden logic and the underlying necessity for them to exist, or to have existed? Second, what are the conditions for a rational understanding of these systems—in other words, for a fully developed comparative economic science? The field of investigation opened up by these two questions is vast, touching on the foundations of social reality and on how to understand them. The author, being a Marxist, sought the answers, as he writes, ‘not in philosophy or by philosophical means, but in and through examining the knowledge accumulated by the sciences.’ The stages of his journey from philosophy to economics and then to anthropology are indicated by the divisions of his book. Godelier rejects, at the outset, any attempt to tackle the question of rationality or irrationality of economic science and of economic realities from the angle of an a priori idea, a speculative definition of what is rational. Such an approach can yield only, he feels, an ideological result. Rather, he treats the appearance and disappearance of social and economic systems in history as being governed by a necessity ‘wholly internal to the concrete structures of social life.

Book Synopsis Rationality and Irrationality in Economics by : Maurice Godelier

Download or read book Rationality and Irrationality in Economics written by Maurice Godelier and published by Verso Books. This book was released on 2014-08-26 with total page 369 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book is the result of a research project begun by the author in 1958 with the aim of answering two questions: First, what is the rationality of the economic systems that appear and disappear throughout history—in other words, what is their hidden logic and the underlying necessity for them to exist, or to have existed? Second, what are the conditions for a rational understanding of these systems—in other words, for a fully developed comparative economic science? The field of investigation opened up by these two questions is vast, touching on the foundations of social reality and on how to understand them. The author, being a Marxist, sought the answers, as he writes, ‘not in philosophy or by philosophical means, but in and through examining the knowledge accumulated by the sciences.’ The stages of his journey from philosophy to economics and then to anthropology are indicated by the divisions of his book. Godelier rejects, at the outset, any attempt to tackle the question of rationality or irrationality of economic science and of economic realities from the angle of an a priori idea, a speculative definition of what is rational. Such an approach can yield only, he feels, an ideological result. Rather, he treats the appearance and disappearance of social and economic systems in history as being governed by a necessity ‘wholly internal to the concrete structures of social life.

Behavioral Rationality and Heterogeneous Expectations in Complex Economic Systems

Author: Cars Hommes

Publisher: Cambridge University Press

Published: 2013-01-24

Total Pages: 273

ISBN-13: 110701929X

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Recognising that the economy is a complex system with boundedly rational interacting agents, applies complexity modelling to economics and finance.

Book Synopsis Behavioral Rationality and Heterogeneous Expectations in Complex Economic Systems by : Cars Hommes

Download or read book Behavioral Rationality and Heterogeneous Expectations in Complex Economic Systems written by Cars Hommes and published by Cambridge University Press. This book was released on 2013-01-24 with total page 273 pages. Available in PDF, EPUB and Kindle. Book excerpt: Recognising that the economy is a complex system with boundedly rational interacting agents, applies complexity modelling to economics and finance.

Economic Rationality and Practical Reason

Author: Julian Nida-Rümelin

Publisher: Springer Science & Business Media

Published: 2013-06-29

Total Pages: 183

ISBN-13: 9401588147

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The theory of practical rationality does not belong to one academic discipline alone. There are quite divergent philosophical, economical, sociological, psychological and politological contributions. Sometimes the disciplinary boundaries impede theoretical progress. On the other hand it is an indication for the high complexity of the subject that so many divergent paradigms compete with one another, or - what is worse - live separately in a kind of splendid isolation. Decision theory in the broader sense, embracing the theory of games and collective choice theory, can help to understand practical reason in philosophical analysis. But there are interesting aspects which cannot be dealt with adequately within a decision-theoretic conceptual framework. To have both of these convictions justifies to neglect dis ciplinary boundaries and poses a problem for the orthodoxies of either sides. All the essays of this volume focus on the relation between economic rationality and practical reason and discuss different aspects of the same problem, i. e. a basic deficiency in the standard economic theory of practical rationality. But philosophical analysis would not be of much help if it just rejected the economic paradigm. It must rather help to integrate economic aspects into a broader view on practical reason.

Book Synopsis Economic Rationality and Practical Reason by : Julian Nida-Rümelin

Download or read book Economic Rationality and Practical Reason written by Julian Nida-Rümelin and published by Springer Science & Business Media. This book was released on 2013-06-29 with total page 183 pages. Available in PDF, EPUB and Kindle. Book excerpt: The theory of practical rationality does not belong to one academic discipline alone. There are quite divergent philosophical, economical, sociological, psychological and politological contributions. Sometimes the disciplinary boundaries impede theoretical progress. On the other hand it is an indication for the high complexity of the subject that so many divergent paradigms compete with one another, or - what is worse - live separately in a kind of splendid isolation. Decision theory in the broader sense, embracing the theory of games and collective choice theory, can help to understand practical reason in philosophical analysis. But there are interesting aspects which cannot be dealt with adequately within a decision-theoretic conceptual framework. To have both of these convictions justifies to neglect dis ciplinary boundaries and poses a problem for the orthodoxies of either sides. All the essays of this volume focus on the relation between economic rationality and practical reason and discuss different aspects of the same problem, i. e. a basic deficiency in the standard economic theory of practical rationality. But philosophical analysis would not be of much help if it just rejected the economic paradigm. It must rather help to integrate economic aspects into a broader view on practical reason.

The Limits of Rationality

Author: Karen Schweers Cook

Publisher: University of Chicago Press

Published: 2008-10-03

Total Pages: 436

ISBN-13: 0226742415

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Prevailing economic theory presumes that agents act rationally when they make decisions, striving to maximize the efficient use of their resources. Psychology has repeatedly challenged the rational choice paradigm with persuasive evidence that people do not always make the optimal choice. Yet the paradigm has proven so successful a predictor that its use continues to flourish, fueled by debate across the social sciences over why it works so well. Intended to introduce novices to rational choice theory, this accessible, interdisciplinary book collects writings by leading researchers. The Limits of Rationality illuminates the rational choice paradigm of social and political behavior itself, identifies its limitations, clarifies the nature of current controversies, and offers suggestions for improving current models. In the first section of the book, contributors consider the theoretical foundations of rational choice. Models of rational choice play an important role in providing a standard of human action and the bases for constitutional design, but do they also succeed as explanatory models of behavior? Do empirical failures of these explanatory models constitute a telling condemnation of rational choice theory or do they open new avenues of investigation and theorizing? Emphasizing analyses of norms and institutions, the second and third sections of the book investigate areas in which rational choice theory might be extended in order to provide better models. The contributors evaluate the adequacy of analyses based on neoclassical economics, the potential contributions of game theory and cognitive science, and the consequences for the basic framework when unequal bargaining power and hierarchy are introduced.

Book Synopsis The Limits of Rationality by : Karen Schweers Cook

Download or read book The Limits of Rationality written by Karen Schweers Cook and published by University of Chicago Press. This book was released on 2008-10-03 with total page 436 pages. Available in PDF, EPUB and Kindle. Book excerpt: Prevailing economic theory presumes that agents act rationally when they make decisions, striving to maximize the efficient use of their resources. Psychology has repeatedly challenged the rational choice paradigm with persuasive evidence that people do not always make the optimal choice. Yet the paradigm has proven so successful a predictor that its use continues to flourish, fueled by debate across the social sciences over why it works so well. Intended to introduce novices to rational choice theory, this accessible, interdisciplinary book collects writings by leading researchers. The Limits of Rationality illuminates the rational choice paradigm of social and political behavior itself, identifies its limitations, clarifies the nature of current controversies, and offers suggestions for improving current models. In the first section of the book, contributors consider the theoretical foundations of rational choice. Models of rational choice play an important role in providing a standard of human action and the bases for constitutional design, but do they also succeed as explanatory models of behavior? Do empirical failures of these explanatory models constitute a telling condemnation of rational choice theory or do they open new avenues of investigation and theorizing? Emphasizing analyses of norms and institutions, the second and third sections of the book investigate areas in which rational choice theory might be extended in order to provide better models. The contributors evaluate the adequacy of analyses based on neoclassical economics, the potential contributions of game theory and cognitive science, and the consequences for the basic framework when unequal bargaining power and hierarchy are introduced.

Rationality, Institutions and Economic Methodology

Author: Bo Gustafsson

Publisher: Routledge

Published: 1993-06-17

Total Pages: 332

ISBN-13: 113487328X

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Looks at ways to increase the scope and power of institutional economics. Different approaches to economic methodology are considered and the broader notions of rationality offered by institutional economics are discussed.

Book Synopsis Rationality, Institutions and Economic Methodology by : Bo Gustafsson

Download or read book Rationality, Institutions and Economic Methodology written by Bo Gustafsson and published by Routledge. This book was released on 1993-06-17 with total page 332 pages. Available in PDF, EPUB and Kindle. Book excerpt: Looks at ways to increase the scope and power of institutional economics. Different approaches to economic methodology are considered and the broader notions of rationality offered by institutional economics are discussed.