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Economic rationality refers to the fundamental assumption in economics that individuals make decisions based on a rational process of weighing costs and benefits to maximize their own self-interest. This concept is central to the economic approach, which seeks to understand and predict human behavior through the lens of rational decision-making.
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Rationality in economics is described to be a decision-making process of an economic agent that seeks to maximise utility. To best understand the notion of rationality in economics, it is best to compare it to rationality in a more psychological sense: the quality of being able to think sensibly or logically. This comparison highlights that…
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Economic rationality accepts that people want what they want, without saying whether those preferences are good or bad. This might make rationally seem like a pretty silly concept. But rationality is a big deal for economists because it lets them assume that people aren't just crazy, but will act in relatively predictable ways.
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Since the early days of economics, the rationality principle has been a core element of economic theorizing. It is part of almost any theoretical framework that economists use to generate knowledge. Despite its central role, the principle's epistemic status and function continue to be debated between empiricists and rationalists, and a clear winner is yet to emerge. One …
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Rational behavior refers to a decision-making process that is based on making choices that result in the optimal level of benefit or utilityfor an individual. The assumption of rational behavior implies that people would rather take actions that benefit them versus actions that are neutral or harm them. Most classical econo…
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Economic theories of rationality, welfare, and social choice defend substantive philosophical theses often informed by relevant philosophical literature and of evident interest to those interested in action theory, philosophical psychology, and social and political philosophy. Economics is of particular interest to those interested in ...
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The economic rationality principle assumes that people behave in rational ways and consider …
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economic rationality, conceptions of rationality used in economic theory. Although there is no single notion of rationality appealed to by all economic theories, there is a core conception that forms the basis of much economic theorizing.
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The view of rationality that was established by Marshall and that is currently the view of rationality in the standard neoclassical economic models is usually termed fall, perfect, global or instrumental rationality. The terms perfect and global should indicate that under this rationality concept economic agents are
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Behavioral economics gathers insights from numerous disciplines including economics, …
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The Nobel laureate Herbert Simon, who rejected the assumption of perfect rationality in mainstream economics, proposed the theory of bounded rationality instead. This theory says that people are ...
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The paper reviews major Economics textbooks used in the UK from the point of view of their use of rationality as a teaching tool. The textbooks vary widely in their explicit analysis of rationality from finding it important to totally ignoring it. When textbooks do use the concept as part of their analysis, the definitions vary considerably.
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THE NATURE AND LIMITATIONS OF ECONOMIC RATIONALITY PAUL DIESING ECONOMIC rationality, or economiz-ing, consists of the deliberate allo-cation of scarce means to alterna-tive ends in such a way that the ends are maximized. There is general agreement on the above definition, but disagree-ment on how it applies to reality. The
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'Rationality in Economics is a delight, garnished with fascinating historical detail, philosophical scientific insights, and an eye on current public policy issues. Vernon Smith, as always, shows a skeptical, irreverent attitude toward 'rationality models' based on assumptions that are not stress-tested with cash-motivated subjects in the ...
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Rationality in economics 1 The rationality principle 2 Neo-classical rationality 3 Neo-classical rationality and the rationality principle 4 Rule-following and choice 5 Rule-following, skill and expertise 6 Decision making in economics and management Overview Rationality is a notion at the heart of both economics and business research.
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Economics used to be called political economy, and the loss of the political tracks the ascendance of the idea of rational choice within the discipline. Where does this idea of economic rationality choosing to maximize benefits and minimize costs come from? What are the consequences of its rise? In this new book, Stephen Engelmann assesses these questions through a consideration …
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