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Rationality, Optimality, and Choice

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  • CHRISTOPHER PRENDERGAST

    (Illinois Wesleyan University)

Abstract

The article responds to Hartmut Esser's essay, “The Rationality of Everyday Behavior. A Rational Choice Reconstruction of the Theory of Action by Alfred Schütz,†which also appears in this issue. The author provides historical and contextual evidence in support of Esser's thesis that Schutz's theory of action converges with rational choice theory in fundamental respects. He is more critical of Esser's second purpose, however, which is to subsume Schutz's theory of action under the framework of subjective expected utility theory. Prendergast argues that the two-step selection rule that Esser devises to this end reduces rational choice to a tautology.

Suggested Citation

  • Christopher Prendergast, 1993. "Rationality, Optimality, and Choice," Rationality and Society, , vol. 5(1), pages 47-57, January.
    • Handle: RePEc:sae:ratsoc:v:5:y:1993:i:1:p:47-57
    DOI: 10.1177/1043463193005001005
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    References listed on IDEAS

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    1. Hartmut Esser, 1993. "The Rationality of Everyday Behavior," Rationality and Society, , vol. 5(1), pages 7-31, January.
    2. Schoemaker, Paul J H, 1982. "The Expected Utility Model: Its Variants, Purposes, Evidence and Limitations," Journal of Economic Literature, American Economic Association, vol. 20(2), pages 529-563, June.
    3. Daniel Kahneman & Amos Tversky, 2013. "Prospect Theory: An Analysis of Decision Under Risk," World Scientific Book Chapters, in: Leonard C MacLean & William T Ziemba (ed.), HANDBOOK OF THE FUNDAMENTALS OF FINANCIAL DECISION MAKING Part I, chapter 6, pages 99-127, World Scientific Publishing Co. Pte. Ltd..
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    Cited by:

    1. Mie Augier, 1999. "Some Notes on Alfred Schütz and the Austrian School of Economics: Review of Alfred Schütz's Collected Papers, Vol. IV. Edited by H. Wagner, G. Psathas and F. Kersten (1996)," The Review of Austrian Economics, Springer;Society for the Development of Austrian Economics, vol. 11(1), pages 145-162, January.
    2. Kroneberg, Clemens, 2005. "Die Definition der Situation und die variable Rationalität der Akteure : ein allgemeines Modell des Handelns auf der Basis von Hartmut Essers Frame-Selektionstheorie," Papers 05-11, Sonderforschungsbreich 504.
    3. Christian Lüdemann, 1998. "Framing And Choice Of Transportation Mode:," Rationality and Society, , vol. 10(2), pages 253-270, May.
    4. Kroneberg, Clemens, 2005. "Die Definition der Situation und die variable Rationalität der Akteure. Ein allgemeines Modell des Handelns auf der Basis von Hartmut Essers Frame-Selektionstheorie," Sonderforschungsbereich 504 Publications 05-11, Sonderforschungsbereich 504, Universität Mannheim;Sonderforschungsbereich 504, University of Mannheim.

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