IDEAS home Printed from https://ideas.repec.org/a/nea/journl/y2017i33p162-166.html
   My bibliography  Save this article

Status of Rationality Principle in Economics: Past and Present

Author

Listed:
  • Kapeliushnikov, R.

    (Institute of World Economy and International Relations. Russian Academy of Sciences, Moscow, Russia
    National Research University - Higher School of Economics, Moscow, Russia)

Abstract

The paper provides a short overview of different applications of rationality principle in economics. Author argues that although in the last decades the role of rationality principle was substantially undermined in both empirical and theoretical studies. It is likely to preserve its traditional status as a basic methodological guide for economic analysis.

Suggested Citation

  • Kapeliushnikov, R., 2017. "Status of Rationality Principle in Economics: Past and Present," Journal of the New Economic Association, New Economic Association, vol. 33(1), pages 162-166.
    • Handle: RePEc:nea:journl:y:2017:i:33:p:162-166
    as

    Download full text from publisher

    File URL: http://www.econorus.org/repec/journl/2017-33-162-166r.pdf
    Download Restriction: no
    ---><---

    References listed on IDEAS

    as
    1. Vernon L. Smith, 2003. "Constructivist and Ecological Rationality in Economics," American Economic Review, American Economic Association, vol. 93(3), pages 465-508, June.
    2. Armen A. Alchian, 1950. "Uncertainty, Evolution, and Economic Theory," Journal of Political Economy, University of Chicago Press, vol. 58(3), pages 211-211.
    3. Michel De Vroey, 1998. "Is the tatonnement hypothesis a good caricature of market forces?," Journal of Economic Methodology, Taylor & Francis Journals, vol. 5(2), pages 201-221.
    4. Lucas, Robert E, Jr, 1986. "Adaptive Behavior and Economic Theory," The Journal of Business, University of Chicago Press, vol. 59(4), pages 401-426, October.
    Full references (including those not matched with items on IDEAS)

    Citations

    Citations are extracted by the CitEc Project, subscribe to its RSS feed for this item.
    as


    Cited by:

    1. Kapeliushnikov, Rostislav I. (Капелюшников, Ростислав), 2020. "Who Is Homo Oeconomicus? [Кто такой homo oeconomicus?]," Ekonomicheskaya Politika / Economic Policy, Russian Presidential Academy of National Economy and Public Administration, vol. 1, pages 8-39, February.

    Most related items

    These are the items that most often cite the same works as this one and are cited by the same works as this one.
    1. Рубинштейн Александр Яковлевич, "undated". "Рациональность & Иррациональность: Эволюция Смыслов [Rationality & Irrationality: Evolution of the Senses]," Working papers a:pru175:ye:2017:1, Institute of Economics.
    2. Alexander C. Cartwright, 2016. "George A. Akerlof and Robert J. Shiller, Phishing for Phools: The Economics of Manipulation and Deception," Public Choice, Springer, vol. 167(1), pages 173-176, April.
    3. James Caton, 2017. "Entrepreneurship, search costs, and ecological rationality in an agent-based economy," The Review of Austrian Economics, Springer;Society for the Development of Austrian Economics, vol. 30(1), pages 107-130, March.
    4. Markus Becker & Thorbjorn Knudsen, 2012. "Nelson and Winter Revisited," Chapters, in: Michael Dietrich & Jackie Krafft (ed.), Handbook on the Economics and Theory of the Firm, chapter 19, Edward Elgar Publishing.
    5. Guo Feng & Liu Chong & Shi Qingling, 2019. "Smart or stupid depends on who is your counterpart: a cobweb model with heterogeneous expectations," Studies in Nonlinear Dynamics & Econometrics, De Gruyter, vol. 23(5), pages 1-17, December.
    6. Braun Eduard, 2019. "The Ecological Rationality of Historical Costs and Conservatism," Accounting, Economics, and Law: A Convivium, De Gruyter, vol. 9(1), pages 1-30, March.
    7. James Lee Caton, 2019. "Creativity in a theory of entrepreneurship," Journal of Entrepreneurship and Public Policy, Emerald Group Publishing Limited, vol. 8(4), pages 442-469, September.
    8. Basu Sudipta & Waymire Gregory B., 2019. "Historical Cost and Conservatism Are Joint Adaptations That Help Identify Opportunity Cost," Accounting, Economics, and Law: A Convivium, De Gruyter, vol. 9(1), pages 1-13, March.
    9. Basu, Sudipta, 2004. "What do we learn from two new accounting-based stock market anomalies?," Journal of Accounting and Economics, Elsevier, vol. 38(1), pages 333-348, December.
    10. Alexander William Salter, 2017. "Playing at markets: A New Austrian perspective on macroeconomic policy," The Review of Austrian Economics, Springer;Society for the Development of Austrian Economics, vol. 30(1), pages 39-49, March.
    11. Alex Cartwright, 2015. "Richard H. Thaler: Misbehaving: the making of behavioral economics," Public Choice, Springer, vol. 164(1), pages 185-188, July.
    12. Peter J. Boettke & Rosolino A. Candela, 2017. "Rational choice as if the choosers were human," Chapters, in: Morris Altman (ed.), Handbook of Behavioural Economics and Smart Decision-Making, chapter 4, pages 68-85, Edward Elgar Publishing.
    13. Buss, Adrian, 2013. "Capital controls and international financial stability: a dynamic general equilibrium analysis in incomplete markets," Working Paper Series 1578, European Central Bank.
    14. repec:ebl:ecbull:v:4:y:2006:i:33:p:1-7 is not listed on IDEAS
    15. Azariadis, Costas & Stachurski, John, 2005. "Poverty Traps," Handbook of Economic Growth, in: Philippe Aghion & Steven Durlauf (ed.), Handbook of Economic Growth, edition 1, volume 1, chapter 5, Elsevier.
    16. Daniel Sutter & Daniel J. Smith, 2017. "Coordination in disaster: Nonprice learning and the allocation of resources after natural disasters," The Review of Austrian Economics, Springer;Society for the Development of Austrian Economics, vol. 30(4), pages 469-492, December.
    17. Krstic, Bojan & Krstic, Milos, 2015. "Models Of Irrational Behaviour Of Household And Firm," Ekonomika, Journal for Economic Theory and Practice and Social Issues, Society of Economists Ekonomika, Nis, Serbia, vol. 61(4), pages 1-10, December.
    18. Sheikh, Shahbaz, 2018. "The impact of market competition on the relation between CEO power and firm innovation," Journal of Multinational Financial Management, Elsevier, vol. 44(C), pages 36-50.
    19. Ehrentreich, Norman, 2006. "Technical trading in the Santa Fe Institute Artificial Stock Market revisited," Journal of Economic Behavior & Organization, Elsevier, vol. 61(4), pages 599-616, December.
    20. Erik Stam & Roy Thurik & Peter van der Zwan, 2010. "Entrepreneurial exit in real and imagined markets," Industrial and Corporate Change, Oxford University Press and the Associazione ICC, vol. 19(4), pages 1109-1139, August.
    21. Dindo, Pietro & Massari, Filippo, 2020. "The wisdom of the crowd in dynamic economies," Theoretical Economics, Econometric Society, vol. 15(4), November.

    More about this item

    Keywords

    behavioral economics; methodology; rational choice; rationality principle;
    All these keywords.

    JEL classification:

    • A12 - General Economics and Teaching - - General Economics - - - Relation of Economics to Other Disciplines
    • B41 - Schools of Economic Thought and Methodology - - Economic Methodology - - - Economic Methodology
    • D01 - Microeconomics - - General - - - Microeconomic Behavior: Underlying Principles
    • D03 - Microeconomics - - General - - - Behavioral Microeconomics: Underlying Principles

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:nea:journl:y:2017:i:33:p:162-166. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Alexey Tcharykov (email available below). General contact details of provider: https://edirc.repec.org/data/nearuea.html .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.