Author
Abstract
The recognition of the existence of imperfect information in decision‐making and the cognitive limitations of the human mind put various assumptions of the neoclassical economic paradigm in doubt. Neoclassical economists responded by arguing that decision rules, or rules of thumb, can be used to render decision without processing information. Further, neoclassicists have suggested that rational rules compete against and drive out irrational ones. This paper focuses on the use of rules of thumb and posits that the empirical evidence about the rationality of these rules is dubious and that they logically cannot serve as a basis for rational conduct. Die Erkenntnis, dass bei Entscheiden nicht vollständige Information vorhanden ist, sowie das Wissen um die kognitiven Beschränkungen des menschlichen Verstandes lassen an verschiedenen Voraussetzungen des neoklassischen Paradigmas zweifeln. Neoklassische ökonomen entgegnen, dass sich Entscheidungs‐ und Faustregeln auch ohne vollständige Information anwenden lassen. Weiter gehen sie davon aus, dass rationale Regeln mit irrationalen Regeln konkurrieren und letztere verdrängen. Im Artikel geht es um das Anwenden von Faustregeln. Es wird gezeigt, dass die empirische Evidenz für die Rationalität der Faustregeln zweifelhaft ist und dass diese Regeln nicht als Grundlage für rationales Benehmen dienen können. La reconnaissance qu'il existe dans le processus de prendre une décision des informations imparfaites et des limites de l'esprit humain, a mis en doute plusieurs suppositions du schéma économique néo‐classique. Les économistes néo‐classiques ont répondu en soutenant que par règies de décision, ou procédés mécaniques, il est possible, mȩme sans opérer l'information, d'arriver ȩ une décision. En outre, ils ont suggéré que les régies rationnelles sont en compétition avec et repoussent les règies irrationnelles. Cette étude se porte sur l'emploi des procédés mécaniques, et constate que l'évidence empirique de la rationalité de ces règies est douteuse et qu'ils ne peuvent logiquement pas servir comme base de conduite rationnelle.
Suggested Citation
Amitai Etzioni, 1987.
"On Thoughtless Rationality (Rules‐of‐Thumb),"
Kyklos, Wiley Blackwell, vol. 40(4), pages 496-514, November.
Handle:
RePEc:bla:kyklos:v:40:y:1987:i:4:p:496-514
DOI: 10.1111/j.1467-6435.1987.tb00786.x
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Cited by:
- Lin, C.Y. Cynthia & Muehlegger, Erich J., 2009.
"Heuristic Strategies, Firm Behavior and Industry Information,"
Working Papers
225898, University of California, Davis, Department of Agricultural and Resource Economics.
- Lin, C.-Y. Cynthia & Muehlegger, Erich J., 2013.
"On the use of heuristics to approximate competitors’ private information,"
Journal of Economic Behavior & Organization, Elsevier, vol. 86(C), pages 10-23.
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