Imperfectly rational choice: Rationality as the result of a costly activity
In identifying characteristics of people and of their choices that determine their degree of rationality — the nature and incidence of imperfect rationality — this paper suggests that there are often observable criteria by which to judge the applicability of the rational choice model to a particular...
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Veröffentlicht in: | Journal of economic behavior & organization 1989-08, Vol.12 (1), p.67-86 |
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description | In identifying characteristics of people and of their choices that determine their degree of rationality — the nature and incidence of imperfect rationality — this paper suggests that there are often observable criteria by which to judge the applicability of the rational choice model to a particular market or choice situation. Clearer understanding will cut both ways, bringing more of non-economic behavior into the productive domain of rational choice analysis while at the same time showing economic, and non-economic, behavior that is badly modeled by the assumption of rational decision makers. |
doi_str_mv | 10.1016/0167-2681(89)90077-2 |
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issn | 0167-2681 1879-1751 |
language | eng |
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source | RePEc; Periodicals Index Online; Applied Social Sciences Index & Abstracts (ASSIA); Access via ScienceDirect (Elsevier) |
subjects | Choices Consumer behavior Decision making Economic choice Economic models Economic theory Economics Factors Production functions Psychological aspects Rational expectations Rationality Studies |
title | Imperfectly rational choice: Rationality as the result of a costly activity |
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