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Rationality and Irrationality: Evolution of the Senses

Author

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  • 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. 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.
    2. 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.
    3. Cass R. Sunstein & Richard H. Thaler, 2003. "Libertarian paternalism is not an oxymoron," Conference Series ; [Proceedings], Federal Reserve Bank of Boston, vol. 48(Jun).
    4. I. Pavlov., 2007. "Behavioral Economics — a Positive Approach to the Analysis of Economic Action," VOPROSY ECONOMIKI, N.P. Redaktsiya zhurnala "Voprosy Economiki", vol. 6.
    5. Ruslan Grinberg & Alexander Rubinstein, 2005. "Economic Sociodynamics," Springer Books, Springer, number 978-3-540-27400-1, July.
    6. Richard H. Thaler, 2000. "From Homo Economicus to Homo Sapiens," Journal of Economic Perspectives, American Economic Association, vol. 14(1), pages 133-141, Winter.
    7. 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.
    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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