Welcome to Scribd. Sign in or start your free trial to enjoy unlimited e-books, audiobooks & documents.Find out more
Standard view
Full view
of .
Look up keyword
Like this
41Activity
P. 1
The Limits of Rationality

The Limits of Rationality

Ratings: (0)|Views: 1,366|Likes:
Published by University of Chicago Press an imprint of UChicagoPress
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.
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.

More info:

Publish date: Feb 15, 2010
Added to Scribd: Feb 19, 2010
Copyright:Traditional Copyright: All rights reservedISBN:9780226742410
List Price: $51.00

Availability:

Read on Scribd mobile: iPhone, iPad and Android.
This book can be read on up to 6 mobile devices.
Full version available to members
See more
See less

08/01/2015

437

9780226742410

$51.00

USD

You're Reading a Free Preview
Pages 5 to 15 are not shown in this preview.
You're Reading a Free Preview
Pages 20 to 283 are not shown in this preview.
You're Reading a Free Preview
Pages 288 to 311 are not shown in this preview.
You're Reading a Free Preview
Pages 316 to 387 are not shown in this preview.
You're Reading a Free Preview
Pages 392 to 437 are not shown in this preview.

Activity (41)

You've already reviewed this. Edit your review.
1 hundred reads
1 thousand reads
kyffus liked this
Andrew Watson liked this
mailoandrade liked this
estifanostz liked this
Lesoleil7 liked this

You're Reading a Free Preview

Download
scribd