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Choice, Internal Consistency And Rationality

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  • Bhattacharyya, Aditi
  • Pattanaik, Prasanta K.
  • Xu, Yongsheng

Abstract

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.

Suggested Citation

  • Bhattacharyya, Aditi & Pattanaik, Prasanta K. & Xu, Yongsheng, 2011. "Choice, Internal Consistency And Rationality," Economics and Philosophy, Cambridge University Press, vol. 27(2), pages 123-149, July.
    • Handle: RePEc:cup:ecnphi:v:27:y:2011:i:02:p:123-149_00
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    References listed on IDEAS

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    Cited by:

    1. Chatterjee, Sidharta, 2022. "Rationalizing Decision Choices: What Influences our Social Decision Making?," MPRA Paper 114985, University Library of Munich, Germany.
    2. Cyril Hédoin, 2017. "Normative economics and paternalism: the problem with the preference-satisfaction account of welfare," Constitutional Political Economy, Springer, vol. 28(3), pages 286-310, September.
    3. Dietrich, Franz & List, Christian, 2016. "Mentalism Versus Behaviourism In Economics: A Philosophy-Of-Science Perspective," Economics and Philosophy, Cambridge University Press, vol. 32(2), pages 249-281, July.
    4. Marggraf, Rainer & Masius, Patrick & Rumpf, Christine, 2012. "Zur Integration von Tieren in wohlfahrtsökonomische Analysen," DARE Discussion Papers 1207, Georg-August University of Göttingen, Department of Agricultural Economics and Rural Development (DARE).
    5. Félix-Fernando Muñoz & María-Isabel Encinar, 2015. "Intentionality and the Emergence of Complexity: An Analytical Approach," Economic Complexity and Evolution, in: Andreas Pyka & John Foster (ed.), The Evolution of Economic and Innovation Systems, edition 127, pages 171-190, Springer.
    6. Kevin Chung, 2020. "Incorporating a “Better” Behavioral Bias for Both Consumers and Firms in Rebate Programs," Management Science, INFORMS, vol. 66(4), pages 1627-1646, April.

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