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Between mathematical formalism, normative choice rules, and the behavioural sciences: The emergence of rational choice theories in the late 1940s and early 1950s

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  • Catherine Herfeld

Abstract

This paper discusses why mathematical economists of the early Cold War period favored formal-axiomatic over behavioral choice theories. One reason was that formal-axiomatic theories allowed mathematical economists to improve the conceptual and theoretical foundations of economics and thereby to increase its scientific status. Furthermore, the separation between mathematical economics and other behavioral sciences was not as clear-cut as often argued. While economists did not modify their behavioral assumptions, some acknowledged the empirical shortcomings of their models. The paper reveals the multifaceted nature of rational choice theories reflected in the changing interpretations and roles of the theories in those early years.

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  • Catherine Herfeld, 2017. "Between mathematical formalism, normative choice rules, and the behavioural sciences: The emergence of rational choice theories in the late 1940s and early 1950s," The European Journal of the History of Economic Thought, Taylor & Francis Journals, vol. 24(6), pages 1277-1317, November.
    • Handle: RePEc:taf:eujhet:v:24:y:2017:i:6:p:1277-1317
    DOI: 10.1080/09672567.2017.1385984
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    References listed on IDEAS

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    1. Nicola Giocoli, 2003. "Modeling Rational Agents," Books, Edward Elgar Publishing, number 2585.
    2. Amadae, S.M., 2003. "Rationalizing Capitalist Democracy," University of Chicago Press Economics Books, University of Chicago Press, edition 1, number 9780226016535, April.
    3. Soule, George, 1952. "Economic Fluctuations in the United States, 1921–1941. By Lawrence R. Klein. [Cowles Commission for Research in Economics, Monograph No. 11.] New York: John Wiley & Sons, 1950. Pp. xi, 174. $4.00. - B," The Journal of Economic History, Cambridge University Press, vol. 12(3), pages 291-292, July.
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    Cited by:

    1. Robert W. Dimand, 2019. "The Cowles Commission and Foundation for Research in Economics," Cowles Foundation Discussion Papers 2207, Cowles Foundation for Research in Economics, Yale University.

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