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Rationality and Irrationality: Evolution of the Senses

Author

Listed:
  • Rubinstein, A.

    (Institute of Economics, Russian Academy of Sciences, Moscow, Russia)

Abstract

The author analyses a principle of rational behavior and the changes in the meaning of "rationality" and "irrationality" in a number of economic theories - behavioral economics, Margolis model, the concepts of merit goods and a new paternalism, the theory of patronized goods. The author comes to a conclusion, that behavior may be considered irrational only from the point of outside observer - from the point of his preferences, the notions about what "it should be".

Suggested Citation

  • Rubinstein, A., 2017. "Rationality and Irrationality: Evolution of the Senses," Journal of the New Economic Association, New Economic Association, vol. 33(1), pages 146-151.
    • Handle: RePEc:nea:journl:y:2017:i:33:p:146-151
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    References listed on IDEAS

    as
    1. Herbert A. Simon, 1955. "A Behavioral Model of Rational Choice," The Quarterly Journal of Economics, President and Fellows of Harvard College, vol. 69(1), pages 99-118.
    2. Cass R. Sunstein & Richard H. Thaler, 2003. "Libertarian paternalism is not an oxymoron," Conference Series ; [Proceedings], Federal Reserve Bank of Boston, vol. 48(Jun).
    3. Thaler, Richard H & Shefrin, H M, 1981. "An Economic Theory of Self-Control," Journal of Political Economy, University of Chicago Press, vol. 89(2), pages 392-406, April.
    4. Richard H. Thaler & Cass R. Sunstein, 2023. "Libertarian paternalism," Chapters, in: Cass R. Sunstein & Lucia A. Reisch (ed.), Research Handbook on Nudges and Society, chapter 1, pages 10-16, Edward Elgar Publishing.
    5. I. Pavlov., 2007. "Behavioral Economics — a Positive Approach to the Analysis of Economic Action," VOPROSY ECONOMIKI, N.P. Redaktsiya zhurnala "Voprosy Economiki", vol. 6.
    6. Ruslan Grinberg & Alexander Rubinstein, 2005. "Economic Sociodynamics," Springer Books, Springer, number 978-3-540-27400-1, September.
    7. Richard H. Thaler, 2000. "From Homo Economicus to Homo Sapiens," Journal of Economic Perspectives, American Economic Association, vol. 14(1), pages 133-141, Winter.
    Full references (including those not matched with items on IDEAS)

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    More about this item

    Keywords

    rationality; irrationality; behavioral economics; meritorik; new paternalism; theory patronized goods;
    All these keywords.

    JEL classification:

    • D22 - Microeconomics - - Production and Organizations - - - Firm Behavior: Empirical Analysis
    • D24 - Microeconomics - - Production and Organizations - - - Production; Cost; Capital; Capital, Total Factor, and Multifactor Productivity; Capacity
    • L23 - Industrial Organization - - Firm Objectives, Organization, and Behavior - - - Organization of Production

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