IDEAS home Printed from https://ideas.repec.org/a/sae/ratsoc/v5y1993i1p47-57.html
   My bibliography  Save this article

Rationality, Optimality, and Choice

Author

Listed:
  • 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
    as

    Download full text from publisher

    File URL: https://journals.sagepub.com/doi/10.1177/1043463193005001005
    Download Restriction: no
    File URL: https://libkey.io/10.1177/1043463193005001005?utm_source=ideas
    LibKey link: if access is restricted and if your library uses this service, LibKey will redirect you to where you can use your library subscription to access this item
    ---><---

    References listed on IDEAS

    as
    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..
    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. 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.

    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. Luís Santos-Pinto & Adrian Bruhin & José Mata & Thomas Åstebro, 2015. "Detecting heterogeneous risk attitudes with mixed gambles," Theory and Decision, Springer, vol. 79(4), pages 573-600, December.
    2. Finkelshtain, Israel & Feinerman, Eli, 1997. "Framing the Allais paradox as a daily farm decision problem: tests and explanations," Agricultural Economics, Blackwell, vol. 15(3), pages 155-167, January.
    3. Segal, Uzi, 1987. "The Ellsberg Paradox and Risk Aversion: An Anticipated Utility Approach," International Economic Review, Department of Economics, University of Pennsylvania and Osaka University Institute of Social and Economic Research Association, vol. 28(1), pages 175-202, February.
    4. Bruno Frey, 1990. "From paradoxes to social rules, or: How economics repeats itself," Constitutional Political Economy, Springer, vol. 1(2), pages 27-34, March.
    5. Robison, Lindon J. & Shupp, Robert S. & Myers, Robert J., 2010. "Expected utility paradoxes," Journal of Behavioral and Experimental Economics (formerly The Journal of Socio-Economics), Elsevier, vol. 39(2), pages 187-193, April.
    6. William C. McDaniel & Francis Sistrunk, 1991. "Management Dilemmas and Decisions," Journal of Conflict Resolution, Peace Science Society (International), vol. 35(1), pages 21-42, March.
    7. repec:cup:judgdm:v:7:y:2012:i:4:p:462-471 is not listed on IDEAS
    8. Bruno S. Frey & Reiner Eichenberger, 1989. "Should Social Scientists Care about Choice Anomalies?," Rationality and Society, , vol. 1(1), pages 101-122, July.
    9. Harvey, Michael & Reiche, B. Sebastian & Moeller, Miriam, 2011. "Developing effective global relationships through staffing with inpatriate managers: The role of interpersonal trust," Journal of International Management, Elsevier, vol. 17(2), pages 150-161, June.
    10. Johanna Cook & Jeff Richardson & Andrew Street, 1994. "A cost utility analysis of treatment options for gallstone disease: Methodological issues and results," Health Economics, John Wiley & Sons, Ltd., vol. 3(3), pages 157-168, May.
    11. Leoneti, Alexandre Bevilacqua & Gomes, Luiz Flavio Autran Monteiro, 2021. "Modeling multicriteria group decision making as games from enhanced pairwise comparisons," Operations Research Perspectives, Elsevier, vol. 8(C).
    12. Gebhard Kirchgässner, 2014. "On Self-Interest and Greed," CREMA Working Paper Series 2014-12, Center for Research in Economics, Management and the Arts (CREMA).
    13. Gilles Boevi Koumou & Georges Dionne, 2022. "Coherent Diversification Measures in Portfolio Theory: An Axiomatic Foundation," Risks, MDPI, vol. 10(11), pages 1-19, October.
    14. Harin, Alexander, 2014. "Problems of utility and prospect theories. A discontinuity of Prelec’s function," MPRA Paper 61027, University Library of Munich, Germany.
    15. Morshedi, Mohamad Ali & Kashani, Hamed, 2022. "Assessment of vulnerability reduction policies: Integration of economic and cognitive models of decision-making," Reliability Engineering and System Safety, Elsevier, vol. 217(C).
    16. Conlisk, John, 1993. "The Utility of Gambling," Journal of Risk and Uncertainty, Springer, vol. 6(3), pages 255-275, June.
    17. Annette Schnabel, 2006. "What Makes Collective Goods a Shared Concern?," Rationality and Society, , vol. 18(1), pages 5-34, February.
    18. Wang, Charles X. & Webster, Scott & Suresh, Nallan C., 2009. "Would a risk-averse newsvendor order less at a higher selling price?," European Journal of Operational Research, Elsevier, vol. 196(2), pages 544-553, July.
    19. Judd Antin & Matthew Earp, 2010. "With a little help from my friends: Self‐interested and prosocial behavior on MySpace Music," Journal of the American Society for Information Science and Technology, Association for Information Science & Technology, vol. 61(5), pages 952-963, May.
    20. Gregory B. Pollock & Keith A. Lewis, 1993. "Gambling in a Malthusian Universe," Rationality and Society, , vol. 5(1), pages 85-106, January.
    21. Marc Willinger, 1990. "La rénovation des fondements de l'utilité et du risque," Revue Économique, Programme National Persée, vol. 41(1), pages 5-48.

    More about this item

    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:sae:ratsoc:v:5:y:1993:i:1:p:47-57. 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: SAGE Publications (email available below). General contact details of provider: .

    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.