publication . Article . Preprint . 2011


Aditi Bhattacharyya; Prasanta K. Pattanaik; Yongsheng Xu;
Open Access
  • Published: 22 Jun 2011 Journal: Economics and Philosophy, volume 27, pages 123-149 (issn: 0266-2671, eissn: 1474-0028, Copyright policy)
  • Publisher: Cambridge University Press (CUP)
<jats:p>The classical theory of rational choice is built on several important internal consistency conditions. In recent years, the reasonableness of those internal consistency conditions has been questioned and criticized, and several responses to accommodate such criticisms have been proposed in the literature. This paper develops a general framework to accommodate the issues raised by the criticisms of classical rational choice theory, and examines the broad impact of these criticisms from both normative and positive points of view.</jats:p>
free text keywords: Philosophy, Economics and Econometrics, Rational choice theory, Normative, Economics, Classical theory, Rationality, Epistemology, Positive economics, Law and economics, Ecological rationality

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